Former Sen. Sherrod Brown defeats Jon Husted, dealing a blow to crypto PAC Fairshake

Former Democratic Sen. Sherrod Brown is taking back his spot in the Senate, leaving crypto political action committee Fairshake with the bag as he beats out incumbent Republican Jon Husted.

On Tuesday night, Brown defeated Husted in the race for Ohio's Senate seat, dealing a setback to Fairshake, a top crypto political action committee that committed tens of millions of dollars to keep Brown out of Washington.

Earlier this year, Fairshake threw $30 million into the Ohio race, positioning itself against Brown. The crypto PAC and the broader crypto industry played a significant role in the 2024 elections, spending millions to influence political outcomes.

This is not Fairshake's first time spending against Brown. He was previously the chair of the Senate Banking Committee, where he set the agenda for crypto and called for a crackdown on the use of cryptocurrency to fund terrorism and evade sanctions.

Then in 2024, Fairshake spent $12 million to back crypto-friendly Republican Bernie Moreno against Brown, defeating him. If Democrats regain control of the Senate, Brown could become chair of the Senate Agriculture Committee, which has jurisdiction over digital assets and prediction markets, among other things. If he is chair, sources previously told The Block that Brown would be unlikely to introduce any crypto legislation.

Sen. Husted, who is endorsed by crypto advocacy group Stand With Crypto, has voted yes for a few crypto bills, including the broad crypto legislation called the Clarity Act. Husted has an A rating from the group and gave Brown an F.

Other candidates backed by Stand With Crypto such as Democrat Chris Pappas in New Hampshire won their race. 

Other pivotal Senate wins include Democratic Sens. Cory Booker and Mark Warner, both of whom have been a part of the negotiations for crypto legislation. Senate Democratic candidate in Texas, James Talarico, received an A rating from crypto advocacy group Stand With Crypto for his previous pro-crypto statements and his vote to create a strategic bitcoin reserve in Texas. Talarico also won his race on Tuesday against Texas Attorney General Ken Paxton.