The shift to the campaign trail
The crypto industry is officially tired of waiting for D.C. to get its act together. Following the death of the Clarity Act in the Senate two weeks ago—which failed in a 49-50 vote—the industry has decided to stop trying to convince current lawmakers and start replacing them.
Stand With Crypto, the advocacy group founded by Coinbase in 2023, just dropped its first slate of Senate endorsements. The vibe? If you aren't down with digital assets, your seat is in play. The group claims their 3 million supporters are now locked in on one mission: putting pro-crypto faces in power.
Why Ohio is the main character
The biggest play here is in Ohio. Stand With Crypto is backing Republican Jon Husted against Sherrod Brown, a long-time crypto skeptic who previously chaired the Senate Banking Committee. Because that committee holds the keys to the kingdom regarding crypto regulation, a win for Brown would be a massive L for the industry. The Fairshake PAC is already dropping $30 million to stop him, contributing to an industry-wide political spend that is closing in on $200 million this cycle.
Diversifying the bags
It’s not just a red-vs-blue thing. Stand With Crypto is backing Republican Ashley Hinson in Iowa and Democrat Chris Pappas in New Hampshire. They are also supporting House candidates like Mariannette Miller-Meeks (R-IA) and Shomari Figures (D-AL). While the industry is still salty that every single Democrat voted against the Clarity Act, they’re still putting their money behind select Democrats. It’s a bold move, but in this economy, playing both sides of the aisle is standard degen strategy.
Why it matters
Crypto is no longer just watching from the sidelines; it’s attempting to buy its way into the legislative process. By grading candidates and mobilizing voters, they’re trying to force a "crypto-friendly" agenda onto the ballot. Real talk: this isn't financial advice, but the stakes for regulation are hitting an all-time high as the industry pours record-breaking funds into the upcoming midterms. We’ll see soon if the capital investment actually results in policy shifts.
