{
  "id": 9337761,
  "title": "Crypto weighs revenge against Democrats — and the risks that come with it",
  "url": "https://urgent.news/2026/09/23/crypto-weighs-revenge-against-democrats-and-the-risks-that-come-with",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-23T12:53:55.000Z",
  "source": {
    "name": "POLITICO",
    "slug": "politico",
    "url": "https://www.politico.com/news/2026/09/23/crypto-democrats-congress-midterm-01089058"
  },
  "original_language": "en",
  "account": "The cryptocurrency sector finds itself at a political crossroads following the defeat of the Clarity Act, a bill aimed at creating a specialized regulatory framework for digital assets. Senate Democrats unanimously opposed the legislation last week, prompting crypto companies to contemplate their next course of action. A recent decision by a crypto-backed political action committee (PAC) known as Fairshake, backed primarily by Coinbase, Ripple, and Andreessen Horowitz, has hinted at the industry's forthcoming approach. Fairshake announced it would spend at least $30 million to help block Democrat Sherrod Brown from reclaiming a crucial Ohio Senate seat, marking the first significant indication of how the industry plans to utilize its substantial campaign funds before the 2026 midterms.\n\nWhile some crypto executives have publicly expressed a willingness to punish Democrats, a partisan strategy poses considerable political risks for the industry. As Sheila Warren, former CEO of the Crypto Council for Innovation, noted, \"As much as some people may want to, they can't wave a wand and make Democrats go away.\" Every industry, including crypto, must navigate this reality. With the possibility of a Senate GOP-aligned spending spree suppressing any appetite for post-election dealmaking concerning the Clarity bill, the crypto industry must weigh the immediate consequences of a broad offensive against Democrats. A Senate Democratic aide involved in the crypto effort emphasized that such an assault would \"eviscerate any hope\" of a post-election deal.\n\nFunded with over $120 million as of the end of August, Fairshake PAC has the financial clout to influence elections. It has previously supported candidates from both parties who advocate for industry-friendly policies. The PAC is currently preparing to announce additional spending decisions for both Democrats and Republicans in the coming days, though the specific races or chambers targeted remain unclear. Coinbase's vice president of U.S. policy, Kara Calvert, stressed the importance of bipartisanship as the industry's \"superpower,\" indicating that it is unlikely to undermine this approach. However, Fairshake has not specified how it will maintain a bipartisan stance.\n\nSome crypto executives have signaled their appetite for punitive measures against Democrats in recent days. Nonetheless, a partisan strategy carries significant political risks. Senator Cynthia Lummis, a staunch advocate of the Clarity bill, warned that rewarding those who voted against the motion to proceed on the bill would be a \"huge mistake.\" On the Democratic side, Senator Ben Ray Luján of New Mexico, who believes the Republicans are attempting to leverage the crypto industry, stated that Sherrod Brown is expected to win his re-election.",
  "summary": "A broad offensive against Democrats could further alienate lawmakers the industry may soon need to revive its agenda.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}