US Senate blocks CLARITY Act; Fairshake spends $30 million to defeat Sherrod Brown

On September 15, the US Senate voted against beginning debate on the CLARITY Act, a market structure bill the crypto industry had negotiated for over a year, falling short of the required 60 votes. Following the defeat, the pro-crypto super PAC Fairshake announced it would spend $30 million to oppose Senator Sherrod Brown's re-election bid in Ohio, citing the industry's need to influence political outcomes. Stand With Crypto, an advocacy group launched by Coinbase in 2023, also warned that senators blocking the bill could face voter backlash in the November 3 elections. In contrast, Latin America's crypto influence remains limited despite high adoption, exemplified by Argentina where a presidential promotion of the LIBRA token led to a scandal rather than political leverage.