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

According to The Block, the crypto advocacy organization supported by Coinbase, 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 will endorse Ashley Hinson from Iowa and Chris Pappas from New Hampshire.

This endorsement comes after the Senate's procedural vote on September 15 failed to pass the Clarity Act, which aims to establish a federal regulatory framework for the industry.

Senate Democrats stated that they could not vote for a bill that would allow President Trump to profit personally from the crypto industry. Stand With Crypto's Executive Director Mason Lynaugh mentioned that after the Senate's recent failure to advance the Clarity Act, the organization’s more than 3 million advocates are fully shifting their focus to ensuring the election of candidates who support crypto.

In addition to the Senate endorsements, Stand With Crypto also stated that it will increase advertising spending in six House campaigns, including those of Democratic Congressman Don Davis and Republican Congressman Bryan Steil.

These newly endorsed House candidates all voted in favor of the Clarity Act when it passed the House last year. The organization has also endorsed more House candidates, including Congressmen Shomari Figures and Mariannette Miller-Meeks.