Stand With Crypto has activated 24 state chapters to support crypto-friendly candidates in 21 races ahead of the November 3 ballot, using door-knocking, phone calls, and grassroots outreach to shape local elections and push for more favorable digital asset rules.
At the same time, the Commodity Futures Trading Commission disclosed plans for a federally regulated crypto exchange. Chairman Selig cautioned that comprehensive and lasting rules will require Congressional action, underscoring the central role of lawmakers in determining the regulatory path for digital assets.
Political spending is also under fresh examination. An October 8 report by consumer advocacy group Public Citizen linked corporations and individuals benefiting from cancelled or curtailed federal enforcement actions to about $210.5 million in donations and pledges to Trump-aligned political committees. Among the reported contributors are Crypto.com, with $35 million to MAGA Inc. and another $2 million to a separate committee, and Gemini, alongside the Winklevoss brothers.
Public Citizen argues that such spending deserves scrutiny, especially when companies also benefit from changes in enforcement approaches. However, the report does not establish that donors purchased specific regulatory outcomes, and political contributions are not proof of an illegal arrangement.
The developments reflect the crypto industry’s deepening involvement in Washington as it seeks clearer legislation and a more predictable operating environment. Supporters say prior regulatory uncertainty harmed innovation; critics contend large donors may receive disproportionate access to policymakers. With election results and possible Congressional action ahead, stakeholders are watching whether the outcome will foster innovation or impose stricter rules.
