Ohio Senate result deals setback to Fairshake's crypto spending campaign

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Ohio Senate crypto setback

Highlights

Brown defeats Husted in Ohio's Senate race despite Fairshake PAC spending $30 million to oppose him, reducing the crypto industry's electoral influence.
Brown’s potential chairmanship of the Senate Agriculture Committee signals legislative gridlock for crypto policy, given his long-standing opposition to the sector.
Crypto-backed Democrats Chris Pappas, Cory Booker, Mark Warner, and Texas candidate James Talarico win key races, sustaining mixed momentum for pro-crypto candidates nationwide.

Fairshake's Ohio bet fails

The Block reports that Brown defeats Husted on Tuesday night in Ohio's Senate race, blunting the impact of Fairshake's campaign spending in one of the industry's highest-profile political contests.

Earlier this year, Fairshake puts $30 million into the Ohio race to oppose Brown. The PAC had already spent against him before, including $12 million in 2024 to support crypto-friendly Republican Bernie Moreno, who defeated Brown that year.

Brown has long been a prominent critic of the sector. As former chair of the Senate Banking Committee, he set the agenda for crypto oversight and called for a crackdown on the use of cryptocurrency to fund terrorism and evade sanctions.

Implications for crypto policy in Washington

If Democrats regain control of the Senate, Brown could become chair of the Senate Agriculture Committee, which has jurisdiction over digital assets and prediction markets. Sources previously told The Block that Brown would be unlikely to introduce crypto legislation if he takes that role.

Husted, who is endorsed by crypto advocacy group Stand With Crypto, has voted yes on several crypto bills, including the Clarity Act. The group gives Husted an A rating and Brown an F, highlighting the policy gap between the two candidates.

Elsewhere, some candidates backed by crypto advocates perform better. Democrat Chris Pappas in New Hampshire wins his race, while Democratic Sens. Cory Booker and Mark Warner, both involved in negotiations over crypto legislation, also secure pivotal Senate victories. In Texas, Democratic candidate James Talarico, who receives an A rating from Stand With Crypto for pro-crypto positions and his vote to create a strategic bitcoin reserve in Texas, defeats Attorney General Ken Paxton on Tuesday.

Our earlier article on Republicans’ advertising surge ahead of the midterms described how the GOP sharply ramped up ad spending as polling tightened, pushing more money into contests that were once seen as safe. We noted that Texas emerged as the costliest Senate battle, with spending ballooning as Democrat James Talarico held a narrow polling edge—underscoring how cash-heavy campaigning has become across key races.

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