Crypto lobby claims win as Sherrod Brown loses Senate seat

U.S. Senator Sherrod Brown, known for his stance against digital assets, lost his Ohio Senate seat to Republican Bernie Moreno.  

Brown, a long-time sceptic of cryptocurrency and chair of the Senate Banking Committee, was defeated after Fairshake, a pro-crypto super PAC, invested $40 million to unseat him.  

According to The Associated Press, Brown secured 2.4 million votes (46.1%) against Moreno’s 2.6 million (50.5%).  

Fairshake’s substantial backing made this one of the most expensive Senate races, signaling a strategic push by the crypto lobby to advance its policy goals.  

"They wanted a scalp, and Brown was the scalp,” said Cody Carbone, president of The Digital Chamber.  

Carbone noted that crypto organisations saw the Senate Banking Committee chairmanship as “the ultimate prize” for pro-crypto reforms.  

This election underscores the crypto lobby’s influence, with Fairshake spending nearly $133 million across 68 congressional races nationwide.  

About 30% of these funds targeted Ohio’s Senate race alone, reflecting the industry’s determination to remove a prominent voice opposing digital assets.  

Brown’s defeat could indicate a broader change in Washington as the crypto industry continues to push for regulatory shifts.  

Moreno, a crypto-friendly candidate, highlighted his support for digital innovation during his campaign, attending blockchain conferences and advocating for policies aligned with the industry.  

He has, however, faced criticism over remarks on immigration and abortion, which drew mixed reactions among voters.  

"Elizabeth Warren ally Sherrod Brown was a top opponent of cryptocurrency, and thanks to our efforts, he will be leaving the Senate," stated a spokesperson for Defend American Jobs, a crypto-supporting PAC.

The win may resonate in Washington as crypto advocates continue lobbying for industry-friendly policies, potentially setting a precedent for future legislative moves on digital assets.