Sherrod Brown is returning to the US Congress after beating Republican Jon Husted in Ohio’s Senate race, according to results late Tuesday. It was a rare defeat, perhaps, for crypto-backed campaign spending this cycle. The industry spent heavily and mostly won elsewhere, but Ohio was a top priority, and the money showed it.
Crypto spending falls short in Ohio
Cryptopolitan reported in mid-October that Brown faced a $52.6 million war chest from crypto-backed committees. Defend American Jobs, an affiliate of crypto’s main Fairshake super PAC, accounted for more than $46 million by itself. The final total spent trying to keep Brown out of Capitol Hill passed the $30 million minimum Fairshake signaled for Ohio in September. Brown was also a target in 2024, when about $40 million helped Bernie Moreno beat him.
Brown has been a longtime critic. As chair of the Senate Banking Committee, he labeled crypto a tool for money laundering and sanctions evasion. He has not been friendly to the industry’s legislative hopes.
Data centers and voter concerns
The data center fight mattered in Ohio. Husted helped bring facilities to the state, and Brown’s campaign tied him to rising electricity bills. Republicans reportedly saw the issue as a burden. An August memo circulated by the Republicans’ campaign arm called data centers the anchor hanging around Husted’s neck, CNN reported. Senate Democrats had also blocked Husted’s Ratepayer Protection Act in September. The bill was meant to stop data center energy costs from hitting ordinary ratepayers.
CBS News exit polls found Brown with strong support from younger voters, independents and Ohioans worried about the economy, and voters opposed to new data centers. Affordability was a major theme this cycle, and Brown stayed on it.
What Brown’s win means for crypto bills
Brown’s return matters beyond one seat. Democrats took the Senate, flipping races in Texas, Ohio, North Carolina, South Carolina, Kansas and Iowa to reach 51. That gives the party control of committees that oversee the industry. Brown could chair the Senate Agriculture Committee, which has jurisdiction over digital assets and prediction markets. As chair, he would be unlikely to move a crypto bill. Prediction markets are growing quickly, and Banking Democrats have pressed for scrutiny of platforms like Kalshi.
The result also clouds the CLARITY Act. The bill failed a Senate procedural vote 49 to 50 in September. If it does not pass by January, the next Congress starts from scratch.
Crypto backers still had wins on both sides of the aisle. Democrats Chris Pappas and James Talarico won in New Hampshire and Texas, with support from Stand With Crypto. Talarico backs a state strategic Bitcoin reserve and beat Attorney General Ken Paxton. Senators Cory Booker and Mark Warner, who have engaged in crypto legislation talks, also won.
