The crypto industry faced a significant setback in the midterms, as political action committees (PACs) spent over $170 million to support pro-crypto candidates, only to see many of them lose. Crypto PACs including Fairshake, Defend American Jobs, and Protect Progress had amassed roughly $260 million, but their heavy spending failed to secure victories in key races.
In Ohio, crypto PACs poured more than $40 million into supporting Republican Sen. Jon Husted and another $24 million into opposing Democratic challenger Sherrod Brown. Despite this effort, Brown won, marking a major loss for the industry. Similar defeats occurred in Wisconsin, Texas, Michigan, and Iowa, where crypto-backed candidates lost despite substantial financial support.
Not all efforts were in vain. In Nebraska, the Fairshake network spent over $13 million opposing independent Dan Osborn, helping Republican Sen. Pete Ricketts retain his seat. In Kentucky, Republican Andy Barr secured a Senate seat after crypto PACs spent nearly $8 million backing him in the primary. These wins, however, were overshadowed by the broader losses.
The midterm results dealt a blow to crypto PACs' winning record from 2024, when their spending helped elect congressional allies. The industry had already faced a setback in Washington after the Senate blocked the Clarity Act in September, leaving its push for a regulatory framework for digital assets unfinished.