Sen. Sherrod Brown (D-OH) has lost his Senate seat to Republican Bernie Moreno, after a pro-crypto super PAC spent $40 million to unseat Brown. The final vote was Moreno 50.5% (2.6M votes) vs Brown 46.1% (2.4M votes). The race became the second-most expensive Senate contest in U.S. history, with 30% of Fairshake’s total $133 million spending focused on Ohio.
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. 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 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.
