Democrat Sherrod Brown won Ohio’s election against Republican Senator Jon Husted by a substantial margin, despite a $46 million advertising campaign against him by Fairshake, a cryptocurrency industry super PAC. The result marks a rare electoral setback for the sector, which has gained influence and benefited from a more permissive regulatory climate under President Trump.
Two years ago, a pro-crypto super PAC spent $41 million on ads to help defeat Brown, then Ohio’s incumbent Democratic senator. This time, Fairshake’s spending against him did not prevent his victory.
The crypto industry has backed candidates supportive of its goals and used negative advertising against critics, with companies including Coinbase and Ripple among those backing such efforts. Congress approved rules for stablecoins last year, while Trump, whose family has a crypto business, has supported policies benefiting the sector.
Brendan Glavin, insights director at the nonpartisan election-spending tracker OpenSecrets, said the result raises questions about the industry’s strategy. He noted that campaign spending does not always determine outcomes and that other issues can influence voters.
Sources: The New York Times Technology.