Crypto Groups Spent $63 Million To Stop Sherrod Brown. Ohio Voters Sent Him Back To The Senate.

The cryptocurrency industry spent about $63 million trying to stop Sherrod Brown from returning to the U.S. Senate. The former Ohio senator won anyway, defeating Republican incumbent Jon Husted in Tuesday's midterm elections.

Brown, who lost his seat to Bernie Moreno in 2024, will return to Washington after a two-year absence. His victory comes as Democrats prepare to take control of Congress, raising questions about the future of legislation sought by cryptocurrency companies.

Crypto-backed political action committees Fairshake and the Digital Freedom Fund spent a combined $63 million opposing Brown, according to CoinDesk.

The spending was one of the industry's biggest political investments in the 2026 elections. The Fairshake network, which has received substantial backing from companies including Coinbase and Ripple, initially committed $30 million to the Ohio contest before increasing its spending.

Its Republican-focused affiliate, Defend American Jobs, had already reported $46.67 million in expenditures supporting Husted and opposing Brown by mid-October, according to campaign finance filings. The Federal Election Commission maintains records of the group's independent expenditures. Brown had been a major target of the industry long before this election.

As chairman of the Senate Banking Committee, he pushed for tighter oversight of cryptocurrencies, particularly their use in money laundering, sanctions evasion and terrorism financing.

In October 2023, Brown joined more than 100 lawmakers in calling on the Treasury Department to explain how the government was addressing reports that militant organizations had raised funds through digital assets.

The industry's opposition continued after Brown lost his Senate seat in 2024.

In September, Brown accused wealthy cryptocurrency investors of trying to influence the Ohio election through another major advertising campaign.

"I'll be damned if crypto billionaires decide this race," he wrote in a campaign message.

Brown said Fairshake had spent $41 million against him during his unsuccessful 2024 reelection campaign and accused the industry's wealthy backers of trying to repeat that result.

Husted took a different position on digital assets. The Republican supported legislation aimed at establishing clearer rules for cryptocurrency companies, including the Digital Asset Market Clarity Act, and received an A rating from the advocacy group Stand With Crypto.

Brown received an F from the same organization, which evaluates candidates based on their positions and voting records on cryptocurrency issues.

The contrast made Ohio an important race for the industry, which has been seeking legislation to clarify how digital assets should be regulated by the Securities and Exchange Commission and the Commodity Futures Trading Commission.

The Ohio contest attracted more than $500 million in total political spending, according to the Associated Press, making it one of the country's most expensive Senate races.

Crypto was not the only issue on voters' minds. Brown also criticized Husted's support for AI data centers and raised concerns about their impact on electricity costs. President Donald Trump campaigned for Husted, who had been appointed to the Senate in January 2025 after JD Vance became vice president.

Brown will serve the remainder of that Senate term, which ends in January 2029. His return could complicate the cryptocurrency industry's plans in Washington.

Brown previously led the Senate Banking Committee, which oversees banking and securities regulation. But he is not guaranteed to regain the chairmanship, and his absence from the chamber has affected his seniority.

CoinDesk reported that Sen. Elizabeth Warren is positioned to lead the Banking Committee under Democratic control, while Brown could potentially take a senior role on the Agriculture Committee, which oversees the CFTC.

Such an appointment could give Brown influence over legislation governing cryptocurrency trading and prediction markets.

The industry still has supporters in both parties. Democratic senators Cory Booker and Mark Warner have participated in negotiations over digital asset legislation, while Texas Senate winner James Talarico received an A rating from Stand With Crypto.