Crypto Industry Spends $300 Million to Block Brown's Senate Banking Committee Gavel

The crypto industry has spent over $300 million in an effort to prevent Democrat Sherrod Brown from becoming chair of the Senate Banking Committee, according to recent campaign finance filings. The Winklevoss twins' Digital Freedom Fund super PAC deployed $2.9 million on September 30, splitting its first candidate-targeted expenditure between direct mail opposing Brown and advertising supporting Republican incumbent Jon Husted in Ohio's Senate race.

Brown, who lost his seat in November 2024 but is running to reclaim it this year, controlled the Senate Banking Committee from 2021 to 2025. As chair, he ensured that no major crypto legislation reached the Senate floor during the Democratic majority, citing consumer protection standards that the industry considered overreach.

The industry sees Brown's potential return as a threat to its legislative agenda, particularly in light of his call for stronger consumer protections and public hearings on collapses and fraud cases. The Digital Freedom Fund was founded by Tyler and Cameron Winklevoss, co-founders of Gemini cryptocurrency exchange, with an initial donation of 188.4547 Bitcoin valued at approximately $21 million.