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BTC Daily Morning Express
Morning Minute is a daily newsletter written by Tyler Warner. The analysis and opinions expressed in the article are purely the author's personal opinions and do not necessarily reflect Decrypt's position. In the meantime, welcome to our daily news program "FOMO HOUR", which will cover all the top news and market developments.
Good morning! Here's the top news for the day:
The cryptocurrency industry abandons congressional lobbying to target Senate elections
Two weeks after the Clarity Act died in the Senate, the cryptocurrency industry has locked in its new goals. Stand With Crypto, an advocacy group launched by Coinbase in 2023, announced the first list of Senate candidates it supports on Wednesday. Their latest strategic signal is clear: the game has shifted from Washington, D.C. to the streets of the campaign.
The group supports Republican Jon Husted in challenging Sherrod Brown. Brown, a former chairman of the Senate Banking Committee, has been one of the fiercest critics of cryptocurrency for years. If Brown wins, he will gain a strong seat that can set the rules of the industry. As a result, Ohio's situation is even more important than the other two games combined.
In addition, the group endorsed Iowa Republican Ashley Hinson and New Hampshire Democrat Chris Pappas, who is challenging former Republican Senator John Sununu. On the House side, they support Iowa Republican Mariannette Miller-Meeks and Alabama Democrat Shomari Figures and plan to devote more advertising resources in six races. The organization said that regardless of party affiliation, candidates are selected based on their crypto policy stance, and in August this year endorsed 32 current members of the House of Representatives.
Although the scale of funds behind it is huge,"Stand With Crypto" does not make direct donations. They play a role mainly by assessing candidate ratings and mobilizing voters. The organization's executive director said its three million supporters are currently fully focused on electing candidates for pro-crypto policies. However, higher-rated candidates can often attract financial support from PACs (Political Action Committees) that align with crypto. Recently, the "Fairshake" PAC just launched a $30 million campaign against Brown. Total political spending in the cryptocurrency industry during this cycle is approaching $200 million.
To recall, the Clarity Act failed by a vote of 49 - 50, and all Democrats voted against it, mainly due to concerns about Trump's own encryption business. Still,"Stand With Crypto" endorsed two Democrats in this midterm election. This strategy is a bit counterintuitive, but it may work. The results are about to be announced...
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