Coinbase-Backed Crypto Group Warns of Midterms Payback After Clarity Act Fails
TL;DR
The Senate did not advance the Clarity Act, prompting Stand With Crypto to warn of electoral repercussions for lawmakers. The Coinbase-backed group plans to include the vote in its ratings ahead of the midterms.
Key points
- Senate failed to advance the Clarity Act
- Stand With Crypto warns of electoral consequences
- Group has three million advocates mobilizing for passage
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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.
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“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.”
Q&A
What is the Clarity Act and why did it fail in the Senate?
The Clarity Act aimed to provide regulatory clarity for cryptocurrencies but failed to advance due to a procedural vote in the Senate.
How will Stand With Crypto respond to the Senate's failure to advance the Clarity Act?
Stand With Crypto plans to include the Senate votes in its lawmaker scorecards and mobilize its three million advocates for future actions.
What are the potential electoral consequences for senators after the Clarity Act's failure?
Stand With Crypto has warned that senators who voted against advancing the Clarity Act may face electoral payback in the upcoming midterms.
