Stand With Crypto Threatens Midterm Payback for Clarity Act Opponents
Stand With Crypto, an advocacy group backed by Coinbase, warned of electoral consequences for lawmakers who voted against the Clarity Act on Tuesday. The Senate failed to advance the bill in a procedural vote, which needed 60 votes to move forward.
The Clarity Act would establish federal rules for digital assets and divide oversight between the Securities and Exchange Commission and the Commodity Futures Trading Commission. Stand With Crypto's executive director, Mason Lynaugh, said the Senate 'chose to keep them waiting' for basic clarity needed to use, build, and invest in digital assets safely.
The group pledged to add senators' votes to its lawmaker scorecards ahead of November's midterms and vowed to mobilize its three million advocates. Stand With Crypto supporters called or emailed Congress nearly 50,000 times in August and organized local events and opinion pieces in newspapers.