US Crypto Industry Spends About $63 Million to Block Sherrod Brown’s Senate Return as He Holds Slight Lead

Shenchao TechFlow reports that on November 1, according to CoinDesk, the U.S. crypto industry is investing about $63 million to try to prevent former Senator Sherrod Brown from returning to Congress in the Ohio election. Of this, crypto industry super PAC Fairshake has invested nearly $56 million, while a PAC backed by the Winklevoss brothers has invested another about $7.2 million. Including 2024 election spending, the crypto industry’s political spending targeting Brown over the past two years has exceeded $100 million.

Latest polls show Brown slightly leading incumbent Senator Jon Husted, but most poll margins remain within the margin of error. Prediction market Kalshi gives Brown a 68% probability of winning, while also forecasting a 68% probability that Democrats will regain control of the Senate.

Brown previously served as chair of the Senate Banking Committee and did not advance crypto industry legislation during his tenure. Reports say that if Democrats regain control of the Senate, Elizabeth Warren may become chair of the Banking Committee, and Brown could also secure a key committee position, thereby affecting the progress of crypto market structure bills such as the CLARITY Act.

Source: Shenchao TechFlow