Sen. Sherrod Brown Loses Ohio Senate Seat After $40M Crypto PAC Campaign

TLDR

• Sen. Sherrod Brown (D-OH) lost Senate seat to Republican Bernie Moreno
• Pro-crypto super PAC Fairshake spent $40 million to unseat Brown
• Final vote: Moreno 50.5% (2.6M votes) vs Brown 46.1% (2.4M votes)
• Race became second-most expensive Senate contest in U.S. history
• 30% of Fairshake’s total $133 million spending focused on Ohio race

Pro-crypto political action committees achieved a major electoral victory as Ohio Senator Sherrod Brown, Chairman of the Senate Banking Committee, lost his re-election bid to Republican challenger Bernie Moreno.

The race, which became the second-most expensive Senate contest in U.S. history, saw pro-crypto super PAC Fairshake invest $40 million to defeat the Democratic incumbent.

The final tallies showed Moreno securing 2.6 million votes (50.5%) compared to Brown’s 2.4 million votes (46.1%), according to The Associated Press. The results marked the end of Brown’s tenure as one of crypto’s most prominent critics in Congress.

Fairshake’s $40 million investment in the Ohio race represented nearly a third of its total spending across all congressional races this election cycle.

The super PAC deployed $133 million across 68 different contests nationwide, making the effort to unseat Brown its largest single-race investment.

The concentrated spending in Ohio reflected the crypto industry’s strategic focus on removing Brown from his position as Senate Banking Committee chair.

Cody Carbone, president of The Digital Chamber, a crypto lobbying organization, described Brown’s defeat as the “ultimate prize” for the industry.

Moreno’s campaign partially centered on a pro-crypto agenda, with the candidate attending blockchain conferences to demonstrate his support for the industry. His victory came despite controversy surrounding his statements on other issues like immigration and abortion.

The race attracted attention from prominent figures in both politics and technology. Ron Conway, a major Democratic donor and tech investor, notably cut ties with crypto PACs after they pledged an initial $12 million to defeat Brown without his prior consultation.

Ohio’s conservative lean played a role in the outcome, with the state expected to favor Trump by approximately eight points. This political environment added momentum to Moreno’s campaign efforts.

The super PAC Defend American Jobs celebrated Brown’s defeat, specifically noting his alliance with Senator Elizabeth Warren and his opposition to cryptocurrency. Their spokesperson highlighted the victory as a message from Ohio voters supporting innovation and technological advancement.

Brown’s positions on crypto regulation included support for SAB 121, an SEC rule that restricts banks’ ability to provide crypto custody services. His defeat may influence other lawmakers’ approaches to crypto regulation.

The scale of spending in this race set new records for crypto industry political involvement. Fairshake’s $40 million investment represented the largest share of its national budget for any single race.

The actual voting results demonstrated a clear but not overwhelming victory margin, with Moreno’s win reflecting both the impact of the massive campaign spending and Ohio’s broader political trends.

Pro-crypto organizations viewed the Banking Committee chairmanship as a crucial position for advancing their legislative goals, making this race a top priority for industry advocates.

Through the campaign, Moreno positioned himself as an ally for digital assets while Brown maintained his skeptical stance toward the crypto industry.

The election outcome represents a concrete example of the crypto industry’s growing political influence and willingness to deploy substantial resources in pursuit of favorable regulatory conditions.

The race’s final stages saw intensified campaigning from both sides, with crypto advocacy groups maintaining their focus on removing Brown as a perceived obstacle to their policy objectives.