Crypto weighs revenge against Democrats — and the risks that come with it

This post was originally published on Politico.

The cryptocurrency industry is at a political crossroads.

Reeling from the demise of its longtime top legislative priority, crypto companies must now decide how scorched-earth to go against Senate Democrats, who last week voted unanimously against the so-called Clarity Act, a sweeping bill that would create a bespoke new regulatory framework for digital assets.

A crypto-backed PAC network’s move this week provides a hint of what may be to come. The group, known as Fairshake, announced it would spend at least $30 million to help block Democrat Sherrod Brown from recapturing a pivotal Ohio Senate seat, representing the first major signal of