The cryptocurrency advocacy organization Stand With Crypto announced its first round of endorsements for Senate candidates

Coinbase-supported cryptocurrency advocacy organization Stand With Crypto has announced its first round of Senate candidate endorsements. The organization stated that it will endorse Ohio Republican Senator Jon Husted, whose opponent is the crypto-skeptical former Senate Banking Committee Chairman Sherrod Brown. Additionally, it endorsed Ashley Hinson from Iowa and Chris Pappas from New Hampshire.

This endorsement comes after the Senate procedural vote on September 15 failed to pass the Clarity Act, which aims to establish a federal regulatory framework for the industry. Senate Democrats indicated that they could not support a bill that would allow President Trump to profit personally from the cryptocurrency industry. Stand With Crypto Executive Director Mason Lynaugh stated that following the Senate's recent failure to advance the Clarity Act, the organization’s over 3 million advocates are fully shifting their focus to ensuring the election of pro-crypto candidates.

In addition to the Senate endorsements, Stand With Crypto also announced it will increase advertising spending in six House campaigns, including those of Democratic Congressman Don Davis and Republican Congressman Bryan Steil. The newly endorsed House candidates all voted in favor of the Clarity Act when it passed the House last year. The organization also endorsed more House candidates, including Congressman Shomari Figures and Mariannette Miller-Meeks.