Former Sen. Sherrod Brown (D-Ohio) is returning to the political fray with a Senate bid at a second when the crypto {industry} — which poured tens of millions of {dollars} into ousting Brown final yr — is emboldened by its current political successes.
Brown launched a marketing campaign for Sen. Jon Husted’s (R-Ohio) seat Monday, in search of to win again a spot within the higher chamber after dropping the seat he held for 3 phrases final fall.
The crypto {industry} has largely taken credit score for Brown’s defeat by Sen. Bernie Moreno (R-Ohio) after spending some $40 million on the important thing race within the Buckeye State.
It seems poised to face off with the Ohio Democrat as soon as once more, contemporary off a number of key wins in 2024. President Trump develop into a vocal proponent of the {industry} throughout his marketing campaign again to the White Home, whereas crypto-friendly Republicans took management of each chambers in Congress, paving the best way for progress on digital asset laws.
“It’s pretty clear that there’s going to be significant crypto money put against his campaign again like we saw last year, and I think that that will continue to pose an uphill challenge for Brown to overcome,” stated Owen Tedford, a senior analysis analyst at Beacon Coverage Advisors.
Nevertheless, he added, “I think that the larger political environment may end up being more decisive in the ultimate outcome of the race than crypto fundraising.”
Crypto tremendous PAC Fairshake has already amassed a hefty conflict chest for the 2026 midterms, with $141 million readily available. Coinbase and a16z gave the tremendous PAC $25 million and $23 million, respectively, for the following election earlier than the votes had even been counted in 2024.
“Last year, voters sent a clear message that the Sherrod Brown and Elizabeth Warren agenda were deeply out of touch with Ohio values,” Fairshake stated in an announcement. “We will continue to support pro-crypto candidates and oppose anti crypto candidates, in Ohio and nationwide.”
An affiliated tremendous PAC, Defend American Jobs, spent $40 million to defeat Brown, who was seen as standing in the best way of long-sought crypto laws as the pinnacle of the Senate Banking Committee.
Brown in the end misplaced to Moreno, a crypto fanatic, in what was the most costly Senate contest within the nation, with each side spending greater than $500 million.
Sen. Tim Scott (R-S.C.), the chair of Senate Republicans’ marketing campaign arm and the Senate Banking panel, credited the {industry} with Moreno’s win Tuesday and famous that the freshman senator now additionally serves on the Banking Committee.
“Thank you to all of y’all for getting rid of Sherrod Brown,” Scott stated on the Wyoming Blockchain Symposium, including, “Actually, the {industry} put Bernie Moreno within the Senate.”
The {industry} has acquired a heat welcome in Washington underneath Trump and a Republican-controlled Congress — a pointy departure from the chilly reception in recent times.
The president named enterprise capitalist David Sacks as his synthetic intelligence (AI) and crypto czar, invited {industry} leaders to the White Home and signed an govt order making a bitcoin strategic reserve and digital asset stockpile.
Crypto-friendly management on the company degree has prompted the Securities and Alternate Fee (SEC) to shut investigations and dismiss lawsuits in opposition to quite a few crypto corporations whereas businesses together with the Federal Reserve and the Justice Division roll again varied Biden-era insurance policies.
Republican lawmakers have additionally made crypto laws a excessive precedence, passing a invoice final month making a regulatory framework for dollar-backed digital tokens generally known as stablecoins.
However Congress has but to move the centerpiece of digital asset laws, a market construction invoice that lays out regulation for the remainder of the {industry}.
Brown has beforehand aligned himself with Sen. Elizabeth Warren (D-Mass.) on crypto coverage, voicing considerations about potential shopper harms and the {industry}’s position in terrorist financing.
Warren, now the highest Democrat on the Senate Banking Committee, has led the cost opposing industry-friendly laws within the higher chamber this yr.
Notably, Brown’s management of the panel coincided with the gorgeous 2022 collapse of FTX, which severely broken the {industry}’s repute.
The change’s sudden demise got here after revelations concerning the agency’s questionable monetary practices, which in the end led to the arrest and conviction of crypto’s golden boy, FTX founder Sam Bankman-Fried.
Whereas {industry} advocacy group Stand With Crypto deems Brown “strongly against crypto,” it instructed the previous senator’s newest feedback had been “somewhat pro-crypto.”
“Cryptocurrency is a part of America’s economy,” Brown instructed Axios this week. “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.”
The Hill has reached out to Brown’s marketing campaign for remark.
When requested about Brown’s comeback bid, Stand With Crypto stated it will “continue pushing every policymaker, regardless of party, to understand that supporting pro-innovation policies is not just smart politics—it’s the will of the people they represent.”
“Crypto voters are engaged, organized, and paying attention, and they want leaders who will protect their right to build, innovate, and participate in this new economy and ensure the United States is the crypto capital of the world,” Stand With Crypto neighborhood director Mason Lynaugh stated in an announcement.
Nevertheless, some are skeptical of crypto’s electoral impression and recommend that different dynamics inherent to the state could possibly be extra vital.
Ohio Republican strategist Mark Weaver questioned how a lot the crypto {industry}’s involvement was determinative to defeating Brown in November, pointing extra so to the realities of Ohio more and more shifting proper.
Whereas Ohio voted for former President Obama twice and had been by means of the 2010s thought of a primary swing state, Trump has improved his margins there in every of the three elections he ran. Brown was the final Democrat holding statewide workplace, and no Democrat has gained one in a number of years.
“Donations are welcome, and everybody on the team deserves some credit, but the trend is Ohio is quickly moving red, which means that’s largely why our candidates are winning,” Weaver stated. “We have good candidates, and they’re running in a Republican state.”
Brown’s race might additionally probably be much less of a goal for the crypto {industry} within the 2026 midterms, as Democrats face an “uphill battle” to reclaiming management of the Senate, Tedford instructed.
“Even if Democrats flip the Ohio [seat], it still feels like an uphill battle for them to get back to 51 seats in the Senate,” he stated. “So, is there a possibility that Brown maybe faces a little less pressure than he did in 2024, where his race was one of the key ones for Republicans to take control?”
Whereas historic traits would recommend that Democrats may have the benefit within the midterms because the occasion out of energy, getting again to a Senate majority as quickly as subsequent yr will probably be a problem. The occasion has two apparent pickup alternatives in Maine and North Carolina, however that might solely get them 49 seats, presuming no Democratic seats flip both.
That may require profitable in a minimum of two states thought of a bit extra of a attain, like Ohio and Texas.
“How they pick and choose their battles I think is something that will be particularly worth watching,” Tedford stated of the crypto {industry}.
