Clarity Act fallout: crypto's Fairshake PAC commits $30 million against Sherrod Brown

Crypto-focused political action committee Fairshake is throwing $30 million into an Ohio race against former Sen. Sherrod Brown, just days after the Senate failed to pass sweeping digital asset legislation.

The PAC unleashed its multimillion-dollar campaign against Brown — its most aggressive move yet ahead of the midterms in November, according to a report from The New York Times on Monday.

A Fairshake spokesperson confirmed the $30 million figure and said it expects to announce more "midterm spend decisions" in the coming days and weeks, in an email to The Block.

Fairshake and the broader crypto industry played a significant role in the 2024 elections, spending millions of dollars through super PACs to influence political outcomes. Fairshake spent $12 million in Ohio to back crypto-friendly Republican Bernie Moreno, who went on to defeat crypto critic Brown. Brown was previously the chair of the Senate Banking Committee, which plays a major role in advancing crypto legislation. As chair, he called for a crackdown on the use of cryptocurrency to fund terrorism and evade sanctions.

Starting in April, crypto money began flowing again to support Republican Sen. Jon Husted, who is set to face Brown in November. Husted has been a vocal supporter of crypto innovation. Advocacy group Stand With Crypto rates him as "strongly supports crypto" based on his past statements, and he has backed key pro-crypto legislation, including the GENIUS Act.

This comes less than a week after the Senate failed to pass the Clarity Act in a procedural vote, which would have set a regulatory framework for the industry at the federal level. Senate Democrats ultimately said they could not vote for a bill that would allow President Donald Trump to profit personally from the crypto industry, given his millions of dollars in income from multiple digital asset forays.

Fairshake backed two current Senate Democrats — Ruben Gallego and Elissa Slotkin — both of whom voted against the Clarity Act last week.