Sherrod Brown, whom the crypto lobby spent $30 million trying to keep from being elected, won Ohio’s Senate race. With Democrats reclaiming the majority, the result has increased the likelihood that he will lead a key committee for crypto legislation.
According to The Block, Democrat Sherrod Brown defeated Republican Jon Husted in the November 3 election, earning a return to the U.S. Senate. The result was a major setback for crypto-focused political action committee Fairshake, which spent $30 million on the Ohio race to keep Brown out of Washington.
Brown was previously among the key figures shaping the crypto agenda while chairing the Senate Banking Committee. He had advocated for stricter measures to prevent cryptocurrencies from being used to finance terrorism and evade sanctions.
Could take a key seat for crypto legislation
With Democrats regaining control of the Senate, the possibility of Brown becoming chair of the Senate Agriculture Committee has emerged. The committee, which also has jurisdiction over digital assets and prediction markets, plays an important role in advancing crypto regulations.
Sources who previously spoke to The Block said Brown was unlikely to introduce a crypto bill if he took the position. The Ohio result therefore matters not only because a senator is returning, but also because of which political leadership will oversee crypto legislation.
Before the election, prediction markets had shown rising odds of Democrats winning the Senate; with the results now in, attention has shifted to committee chairmanships and the new session’s legislative agenda.
The support that worked in 2024 wasn’t enough this time
Fairshake also spent $12 million in the 2024 election supporting Republican Bernie Moreno against Brown, and Moreno won that race. This time, its preferred candidate, Husted, failed to hold on to the seat.
Crypto advocacy group Stand With Crypto gave Husted, who supported various crypto bills, including the CLARITY Act, an A, while giving Brown an F. But other candidates backed by the group also won on election night: Chris Pappas in New Hampshire and James Talarico in Texas came out ahead in their Senate races. Democratic senators Cory Booker and Mark Warner, who have been involved in negotiations over crypto legislation, were also reelected.
Not investment advice.