Coinbase-Backed Crypto Group Warns of Midterms Payback After Clarity Act Fails

In brief

• The Senate failed to advance the Clarity Act in a procedural vote Tuesday.
• Stand With Crypto will include the vote in its ratings of lawmakers.
• The group pledged to keep mobilizing its three million advocates for passage.

Stand With Crypto, a Coinbase-backed advocacy group, warned of electoral consequences Tuesday after the Senate failed to advance the Clarity Act.

In a statement following the vote, Stand With Crypto said it would add senators’ votes to its lawmaker scorecards ahead of November’s midterms.

“Today’s vote was a failure of leadership,” executive director Mason Lynaugh said in a statement. “67 million crypto-owning Americans have waited years for the basic clarity needed to use, build, and invest in digital assets safely. Today, the Senate chose to keep them waiting.”

The failed cloture vote halted a procedural step toward Senate consideration of the bill, which would establish federal rules for digital assets and divide oversight between the Securities and Exchange Commission and the Commodity Futures Trading Commission. The measure needed 60 votes to advance.

“Today, their Senators failed them, choosing to stand in the way of progress instead of delivering for their constituents,” the group wrote on X. “This November, crypto voters will show up and demonstrate their power at the ballot box.”