Crypto PAC spends $30m to block Brown in Ohio Senate race

The US crypto industry has allocated $30 million to prevent Sherrod Brown, the Democratic senator who blocked stablecoin regulation, from returning to the Senate in 2026. This marks the second time in two years that Fairshake, the sector’s leading political action committee (PAC), has made a major bet on Ohio. In 2024, a $40 million investment helped defeat Brown and paved the way for more favourable laws. Now, with control of the Senate at stake and Europe watching every move, the battle for Ohio has become a barometer for how digital assets will be regulated in the coming years.

What happened

Fairshake, the leading crypto PAC in the US, announced on 21 September that it will spend $30 million on campaigns against Sherrod Brown’s 2026 Senate bid in Ohio. The figure, confirmed by CoinDesk and Decrypt, is the PAC’s largest investment against a single candidate in these mid-term elections. Fairshake, funded by Coinbase, Ripple Labs and Andreessen Horowitz, still has over $90 million to spend before 3 November, according to its spokesperson, Geoff Vetter.

This is not the first time Fairshake has backed Ohio. In 2024, it invested $40 million to defeat Brown, contributing to the election of Republican Senator Bernie Moreno. That victory allowed the Senate Banking Committee, then under Republican control, to advance stablecoin regulation and come close to approving the Digital Asset Market Clarity Act, a bill seeking to split crypto oversight between the SEC and the CFTC. Brown, who chaired the committee until 2024, had been a key obstacle to these initiatives, leading opposition to any regulatory framework favouring the sector.

Fairshake’s announcement came just two days after the Senate blocked the Digital Asset Market Clarity Act in a narrow 49-50 vote. All Democrats present voted against it, along with three Republicans, while Senator Thom Tillis changed his vote for procedural reasons to allow for future reintroduction. The bill, which sought to establish federal rules for crypto markets, was a priority for the sector following the partial success of stablecoin regulation in 2025.

Why it matters

Ohio is no ordinary state. A September poll puts Brown at 48% support versus 45% for his Republican rival, Jon Husted, with Polymarket odds giving him a 57% chance of victory. The result of this election could decide control of the Senate. If Democrats reclaim the majority, Elizabeth Warren, a fierce critic of the crypto sector, would assume the chairmanship of the Banking Committee. Warren has previously stated she would prioritise stricter regulation, similar to the measures she pushed in 2023 against banks operating with crypto.

For Europe, the blockage of the Digital Asset Market Clarity Act and a potential Brown victory are warning signs. The EU approved the MiCA regulation in 2023, establishing a common framework for crypto-assets, but its implementation has been slow. If the US moves towards stricter regulation—or, conversely, achieves a clear framework with a pro-crypto Senate—Europe could face pressure to accelerate or review its own policies. Fairshake’s strategy is also revealing: according to Decrypt, the PAC avoids directly mentioning crypto-related topics in its announcements, focusing instead on other issues to influence voters. This tactic, which prioritises economic or social narratives over technical ones, could be replicated by lobbying groups in Europe.

What the parties say

Sherrod Brown’s campaign responded to Fairshake’s announcement with a statement accusing “special interests” of trying to buy the election. Patrick Eisenhauer, Brown’s campaign manager, stated that the senator will fight a system that benefits wealthy donors. The statement did not directly mention the crypto sector, focusing instead on a message of defending the working class.

From Fairshake, spokesperson Geoff Vetter confirmed that the $30 million investment is the largest made by the PAC against a single candidate in these elections. Vetter added that Fairshake will have more announcements in the coming days about its strategy in the final stretch, suggesting it may allocate part of its remaining $90 million to other key Senate races. He also highlighted that the decision to focus on Brown responds to his track record as an obstacle to financial innovation.

Republican Senator Jon Husted, Brown’s rival in Ohio, has not directly commented on Fairshake’s investment. However, his campaign has highlighted in recent months its support for stablecoin regulation and its willingness to work with the crypto sector. Husted, appointed to the Senate in 2025 following JD Vance’s election as vice-president, has been one of the drivers of the Digital Asset Market Clarity Act in the Banking Committee.