Stand With Crypto has endorsed 32 candidates for the US House of Representatives, including Republican Warren Davidson and Democrat Ritchie Torres, as the Coinbase-backed advocacy group seeks to expand its political influence in the forthcoming midterm elections.
The organisation said on Monday that it was supporting candidates it considers favourable to the cryptocurrency industry. It added that its Senate endorsements would be announced closer to Election Day.
“The midterms come at a key inflection point for crypto policy in Washington, D.C. as candidates from both parties are trying to reach voters outside of more traditional constituencies, they overlook Crypto Voters at their own peril,” said SWC Executive Director Mason Lynaugh in the statement.
The cryptocurrency industry and Stand With Crypto played a significant role in the 2024 elections, using millions of dollars in spending through super PACs to influence political contests.
One of those political action committees, Fairshake, spent $12m in Ohio in support of crypto-friendly Republican Bernie Moreno. Moreno defeated Sherrod Brown, a critic of cryptocurrency and former chair of the Senate Banking Committee, in the 2024 election.
Political spending in Ohio is again increasing this year, with funds being used to support Republican Senator Jon Husted, who is due to face Brown in November.
Over the past year, Stand With Crypto has launched a voter hub that grades lawmakers according to their positions on cryptocurrency. It has also previously endorsed six candidates from both parties ahead of November’s elections.
The group is monitoring which lawmakers support the Clarity Act, legislation that would create the first comprehensive federal regulatory framework for the cryptocurrency industry.
Lynaugh told The Block in May that a Senate vote on the legislation “will be the most important vote that lawmakers have ever taken as it pertains to crypto.”
The next vote on the Clarity Act is scheduled for 15 September, shortly after lawmakers return from their month-long August recess. The vote will be procedural and take place before the full Senate.
However, as of Monday, the bill did not appear to have the 60 votes required to advance to an actual vote.
The legislation has faced a series of setbacks. Those disputes include disagreements between banks and cryptocurrency companies over the treatment of stablecoin rewards, concerns about illicit finance and the latest major obstacle: how to address President Donald Trump’s expanding cryptocurrency wealth.
Trump’s crypto interests have grown to hundreds of millions of dollars through links to World Liberty Financial and his official memecoin.
In July, Trump agreed to an ethics provision that would prevent public officials and their spouses from issuing or sponsoring digital assets. Democrats criticised the measure because enforcement would be restricted to the Justice Department.
A new bipartisan proposal from Senators Ruben Gallego and Thom Tillis would extend enforcement powers to state attorneys general. That proposal has not received Trump’s approval.
On Sunday, Democratic Senator Kirsten Gillibrand, one of the bill’s lead negotiators, said the legislation should contain an ethics provision. She cited a poll released by Reuters and market research firm Ipsos, which found that 63% of Americans believe Trump’s crypto profits are inappropriate.
“We can pass smart, clear rules for digital assets and shut down presidential self-dealing at the same time,” Gillibrand said. “There must be an enforceable ban, and any market structure bill that leaves enforcement solely in the hands of the president’s own Justice Department and allows him to profit from crypto isn’t a reform.”
“It’s a permission slip,” she added.
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