Key facts
- Coinbase-backed Stand With Crypto endorsed 32 incumbent House lawmakers in the upcoming November midterm elections.
- The endorsed lawmakers previously voted to advance the CLARITY Act, which aims to establish federal rules for digital assets.
- The organization plans to announce Senate endorsements closer to Election Day.
- The crypto industry has committed nearly $200 million to the current midterm election cycle.
- The CLARITY Act is currently stalled in the Senate due to disagreements over its provisions.
Coinbase-backed Stand With Crypto has endorsed 32 incumbent House lawmakers seeking reelection in November, signaling a significant expansion of its midterm campaign efforts. The organization is backing candidates who have previously supported the CLARITY Act, a key piece of legislation aimed at establishing federal rules for digital assets and defining regulatory responsibilities between the SEC and CFTC.
The endorsements include bipartisan support, with Republicans like Tom Emmer and Bill Huizenga, and Democrats such as Ritchie Torres and Josh Gottheimer, among those receiving backing. The group plans to announce its Senate endorsements closer to Election Day. This latest move follows an earlier endorsement of six congressional candidates in March.
Stand With Crypto Executive Director Mason Lynaugh stated that the group's focus has shifted from proving the existence of 'crypto voters' in 2024 to demonstrating their organizing capacity and influence as a voting bloc in the current election cycle. Launched by Coinbase in 2023, the organization claims over 3 million registered U.S. advocates.
The crypto industry's political engagement has intensified, with industry-backed groups reportedly committing close to $200 million for the current midterm elections, building on approximately $170 million spent in the 2024 election cycle. This spending often occurs through super PACs like Fairshake.
The CLARITY Act, a central policy goal for the crypto industry, has passed the House but remains stalled in the Senate due to divided opinions on several provisions, despite months of negotiations.