Cryptocurrency fans are celebrating the results of the Ohio Senate race that saw blockchain entrepreneur Bernie Moreno defeat three-term incumbent Senate Banking Chairman Sherrod Brown in a race to control the U.S. Senate The key to the struggle for power.
Approximately $40 million in crypto funds was used to defeat Brown, with one PAC paying for five ads aimed at boosting Moreno’s visibility. .
The campaign is also a litmus test of whether the more than $245 million the cryptocurrency industry has raised this round will make a difference at the ballot box. The Ohio race has attracted more ad spending than any Senate race in history and is the largest single target for cryptocurrency this cycle.
Brown is unpopular with cryptocurrency fans in part because of his support for Massachusetts Democratic Sen. Elizabeth Warren in holding hearings on whether digital tokens are linked to terrorism. He has voted against pro-cryptocurrency legislation, called for more regulation of the industry, and regularly posts anti-crypto rhetoric on social media.
Ripple’s billionaire co-founder Chris Larsen told CNBC on Tuesday night that Brown’s losses were “a larger consequence of President Joe Biden’s disastrous decision to outsource financial regulation to Senator Warren.”
“I’m sad tonight, but I will never give up,” Brown said in a brief concession speech Tuesday night.
In December, Brown told reporters that he was not worried about criticism from the crypto industry.
“Take them with you,” Politico quote Brown told a group of reporters last year.
His opponent is now taking a winning step.
Taylor Winklevoss, one of the largest individual crypto contributors this election cycle, called Brown a “crypto enemy,” a “co-conspirator” with Senator Warren, and a “cronye of Gary Gensler.” is the Chairman of the U.S. Securities and Exchange Commission). in a Post on XWinklevoss wrote, “The crypto army is attacking!”
Coin library Chief Executive Brian Armstrong is equally excited.
“Crypto voters spoke decisively tonight — across party lines and in critical races across the country,” Armstrong wrote in a statement. Post to X.
Armstrong called it the “most pro-crypto Congress ever,” with more than 219 crypto-friendly candidates elected to the House and Senate.
this Stand with the Cryptocurrency AllianceLast year, Coinbase launched “Real-time election results” login For cryptocurrency investors to track results. According to the tracker, 224 pro-cryptocurrency candidates have been elected to the House of Representatives, while 106 anti-cryptocurrency House candidates won. In the Senate, 14 pro-cryptocurrency candidates were elected and 9 anti-cryptocurrency candidates won.
NBC News has not yet announced all of these games.
Coinbase has donated more than $75 million to Fairshake and its affiliated PACs, including a new commitment of $25 million to support the organization in the 2026 midterm elections. Armstrong is one of the largest individual donors in the cryptocurrency space, having given more than $1.3 million to candidates up and down the ballot.
Coinbase has been fighting Gensler in court for more than a year over accusations that it sold unregistered securities.
The industry hopes that a pro-cryptocurrency Congress will pass rules that assign more regulatory responsibilities to the Commodity Futures Trading Commission, which has traditionally had a softer approach to regulating the industry.
“Americans care too much about cryptocurrencies and want clear rules for digital assets,” Armstrong wrote. “We look forward to working with the new Congress to make this happen. Thank you to everyone who supported cryptocurrencies today. We Did it!”
Defend American Jobs, a Fairshake-affiliated PAC that donated more than $40 million to support Moreno, issued a statement late Tuesday calling Brown “the number one opponent of cryptocurrencies.”
“Senator-elect Moreno’s comeback victory demonstrates that Ohio voters want a leader who prioritizes innovation, protects U.S. economic interests and ensures our nation’s continued technological leadership,” the organization said.
Political victories are reflected in markets.
Bitcoin Earlier on Tuesday, Bitcoin prices surged to a new record above $75,000 as NBC News Decision predicted a good night for Republican candidate Donald Trump.
—CNBC’s Ece Yildirim contributed to this report.
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