Crypto donors are debating whether to punish Democrats or preserve bipartisan ties after all Senate Democrats voted against advancing the Clarity Act last month. According to NS3.AI, the industry has spent more than $300 million backing crypto-friendly candidates during the current and previous election cycles, with support split roughly evenly between both parties.

Four executives said the industry is reconsidering its Senate strategy three weeks before the November election, as polls give Democrats a slight edge. Some executives warned that targeting Democrats could alienate lawmakers who may hold power next year. Fairshake has announced support for 32 House candidates across both parties, but it has not announced a Senate strategy.