Crypto Industry Drops $30 Million on Ohio Senate Seat in Revenge Bid

The cryptocurrency industry is spending millions to punish Democrats who voted against its priority legislation. The group Fairshake, funded by major crypto companies, announced it would dump $30 million into Ohio's Senate race to unseat incumbent Jon Husted (R-Ohio) and replace him with former Sen. Sherrod Brown.

Brown has led every poll of the race since August, but a victory for him is seen as crucial for Democrats' path to winning back control of the upper chamber. The Digital Asset Market Clarity Act, which would establish friendly regulations for crypto and protect it from aggressive oversight, was voted down by all Senate Democrats, including those who provided input on the bill.

Some Democratic campaign operatives argue that by targeting Brown, Fairshake is dropping its pretense of being a non-partisan organization. They note that the group has spent hundreds of millions on congressional campaigns since 2024 and $41 million alone to oust Brown last cycle.