Coinbase-backed crypto advocacy group endorses 32 US midterm candidates

Stand With Crypto, a Coinbase-backed advocacy group, endorsed 32 incumbent congressional candidates for the November midterm elections on Monday, as the crypto industry solidifies its influence in Washington. The endorsements, initially reported by Reuters, come as the Clarity Act, the industry's top policy priority, faces opposition in the Senate.

All 32 endorsed candidates previously voted in favor of the Clarity Act in the House of Representatives. Stand With Crypto hopes to return these industry-friendly candidates to their respective offices. The group's 2026 campaign builds upon its 2024 effort, which marked the first cycle of active involvement.

Mason Lynaugh, the executive director of Stand With Crypto, stated that in 2024, they proved the existence of a real crypto voter. In 2026, they aim to demonstrate that their advocates constitute a significant voting bloc capable of influencing election outcomes. Lynaugh expressed optimism about the potential impact of their endorsed candidates.

The crypto industry has spent approximately $170 million supporting congressional candidates during the 2024 elections, contributing to a victory last year when Congress passed the Genius Act. This legislation established rules for dollar-backed crypto tokens, potentially enhancing their adoption. So far, the sector has directed nearly $200 million into the November midterm elections, highlighting its substantial influence in Congress.

Stand With Crypto, launched in 2023, aims to advance pro-crypto legislation through grassroots advocacy, focusing on organizing and mobilizing voters rather than relying on large campaign expenditures. The group claims to have more than 3 million registered U.S. advocates. Alongside the 32 endorsed candidates, some key House allies of the crypto industry, such as Republicans Tom Emmer and Bill Huizenga, and Democrats Ritchie Torres and Josh Gottheimer, have received the group's support.