Stand With Crypto expands Senate endorsements after Clarity Act setback

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Stand With Crypto Senate endorsements

Highlights

Stand With Crypto expanded endorsements to Republican Sen. Jon Husted, Ashley Hinson, and Chris Pappas after the Senate blocked the Digital Asset Market Clarity Act on Sept. 15.
Senate Democrats cited millions in digital asset-related income tied to Donald Trump as a reason for opposing the Clarity Act, leading Stand With Crypto to update its candidate scorecard.
Industry super PAC Fairshake spent $12 million in Ohio supporting Bernie Moreno, as Stand With Crypto increases ad spending and aligns House endorsements with candidates who voted for the Clarity Act.

Endorsement push after Senate vote

The Block reported that Stand With Crypto announced on Wednesday it is endorsing Republican Sen. Jon Husted in Ohio, along with Ashley Hinson in Iowa and Chris Pappas in New Hampshire, after the Senate failed to advance the Digital Asset Market Clarity Act.

The group says the Sept. 15 procedural vote blocks an effort to create a federal regulatory framework for the crypto industry. Mason Lynaugh, executive director of Stand With Crypto, says the organization’s more than three million advocates are now shifting their focus to electing what he calls pro-crypto champions who can continue pushing for clearer rules.

Senate Democrats say they cannot support a bill that would allow President Donald Trump to profit personally from the crypto industry, citing millions of dollars in income tied to multiple digital asset ventures. Stand With Crypto, which is known for grading lawmakers on their crypto positions, has since updated its candidate scorecard to reflect the vote.

Broader election spending and industry impact

Stand With Crypto and the wider digital asset sector already play a notable role in U.S. elections, with millions of dollars spent through super PACs during the 2024 cycle. Fairshake alone spent $12 million in Ohio in support of crypto-friendly Republican Bernie Moreno, who defeated former Sen. Sherrod Brown.

Over the past year, the advocacy group has launched a voter hub, endorsed a bipartisan slate of candidates ahead of November and added more than 30 House endorsements last month. Its latest House backing includes Rep. Shomari Figures, Democrat of Alabama, and Mariannette Miller-Meeks, Republican of Iowa.

The organization also says it is increasing advertising in six House races, including those involving Democratic Rep. Don Davis and Republican Rep. Bryan Steil. Stand With Crypto says all of the newly backed House candidates voted for the Clarity Act when it passed the House last year, underscoring how the group is tying campaign support directly to lawmakers’ positions on market structure legislation.

Our earlier coverage of the SEC’s planned proposals to expand retail access to private markets explained how the agency is weighing rule changes that could make it easier for everyday investors to enter private equity, private credit, real estate and venture capital. We noted the debate over investor protection, including concerns about fees, valuation and limited liquidity, even as regulators consider broadening who can qualify and how funds can structure redemptions and performance fees.

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