The cryptocurrency sector spent over $40 million to defeat Democratic Senator Sherrod Brown in Ohio's 2024 Senate race, helping Republican Bernie Moreno win by 3.5 percentage points. Now, with Brown seeking a fourth term, industry leaders signal readiness for another major financial push against him. Democrats remain optimistic about his comeback without Donald Trump on the ballot.
In 2024, cryptocurrency interests poured more than $130 million into congressional races nationwide, with over $40 million directed at Ohio's Senate contest—four times the amount spent in any other such race. This heavy spending targeted longtime critic Democratic Senator Sherrod Brown, who chaired the Senate Banking Committee from 2021 to 2025 and held hearings on cryptocurrency's risks, including consumer harm and money laundering. Brown lost to Republican Bernie Moreno, a businessman with crypto ties, by just over 3.5 percentage points.
At the Wyoming Blockchain Symposium in August, Senate Banking Committee Chairman Tim Scott, R-S.C., credited the industry directly: “Thank you, to all of y’all, for getting rid of Sherrod Brown," he said to laughter and applause. “Literally, the industry put Bernie Moreno in the Senate,” Scott added, per a video from the event.
The industry's influence has grown in the Republican-controlled Congress, which passed legislation this year establishing regulations and consumer protections for stablecoins, a dollar-tied cryptocurrency form. A broader bill clarifying digital asset regulations is now advancing. President Donald Trump has aligned with the sector, pledging to make the United States the “crypto capital of the world,” while his family holds a stake in World Liberty Financial, which launched a stablecoin.
Coinbase CEO Brian Armstrong highlighted the political shift: “We saw what happened in the last administration. We’re never gonna let that happen again.” He added, “Sherrod Brown’s race really indicated that it’s politically unpopular to be anti-crypto. There is no constituency for that.”
Brown, now eyeing a 2026 comeback, has softened his rhetoric. “Cryptocurrency is a part of America’s economy,” he stated. “My goal is to make sure that as more people use cryptocurrency, it expands opportunity and lifts up Ohioans and they are not put at risk.” He faces Republican Senator Jon Husted, appointed to JD Vance’s former seat and a backer of the GENIUS Act on stablecoins.
Pro-crypto groups like Fairshake, backed by Coinbase, report $141 million in cash on hand as of July, exceeding their 2024 spending. Spokesperson Josh Vlasto said, “We will continue to support pro-crypto candidates and oppose anti-crypto candidates—in Ohio and nationwide.” Other efforts include $21 million from the Winklevoss twins for Republicans and $100 million pledged by the Fellowship PAC.