Former Sen. Sherrod Brown (D-Ohio) is resuming his political career with a Senate bid, aiming to win back a seat in the upper chamber after losing his seat to Jon Husted (R-Ohio). The crypto industry has taken credit for Brown’s defeat by Bernie Moreno (R-Ohio), who spent $40 million on the key race in the Buckeye State. The industry appears poised to face off with the Ohio Democrat once again, fresh off several key wins in 2024. President Trump became a vocal proponent of the industry during his campaign back to the White House, while crypto-friendly Republicans took control of both chambers in Congress, paving the way for progress on digital asset legislation.
Crypto super PAC Fairshake has amassed a hefty war chest for the 2026 midterms, with $141 million on hand. Coinbase and a16z gave the super PAC $25 million and $23 million, respectively, for the next election before the votes had even been counted in 2024. The freshman senator now also serves on the Banking Committee.
The industry has received a warm welcome in Washington under Trump and a Republican-controlled Congress, a sharp departure from the chilly reception in recent years. Crypto-friendly leadership at the agency level has prompted the Securities and Exchange Commission (SEC) to close investigations and dismiss lawsuits against numerous crypto firms while agencies including the Federal Reserve and the Justice Department roll back various Biden-era policies.
Warren, now the top Democrat on the Senate Banking Committee, has led the charge opposing industry-friendly legislation in the upper chamber this year. Brown’s leadership of the panel coincided with the stunning 2022 collapse of FTX, which severely damaged the industry’s reputation.
