Crypto industry spends $63 million targeting Sherrod Brown
Key points
- Cryptocurrency-backed political groups have committed approximately $63 million to oppose Sherrod Brown’s Ohio Senate campaign.
- Fairshake accounts for nearly $56 million, while the Winklevoss-backed Digital Freedom Fund contributed $7.2 million.
- Brown’s possible Senate return could complicate the industry’s efforts to advance federal cryptocurrency legislation.
The cryptocurrency industry has committed approximately $63 million to oppose former US Senator Sherrod Brown’s Ohio Senate campaign, according to a report by CoinDesk.
Fairshake, the sector’s leading super PAC, accounts for nearly $56 million, while the Winklevoss brothers contributed $7.2 million.
Brown has criticised cryptocurrency industry spending during his campaign, telling supporters, “They know I'm going to take them on.”
The spending reflects industry concerns about Brown’s previous opposition to advancing cryptocurrency legislation as Senate Banking Committee chairman.
“This is a staggering strategic blunder,” said Satoshi Action Fund CEO and co-founder Dennis Porter, criticising the industry’s approach.
Industry analysts expect Brown could regain influence over digital asset legislation if he wins and Democrats control the Senate.
The industry has spent more than $100 million opposing Brown across Ohio’s Senate contests over the past two years.
The election could shape congressional leadership and determine how much support future cryptocurrency legislation receives in the Senate.
Frequently asked questions
More from Crypto
THORChain halts ten networks after 10 ETH shortfall
Curve Finance launches on Stellar beyond EVM networks
Crypto exchanges tighten security after Binance heist
China targets crypto-linked corruption in anti-graft push
Chainalysis discloses cybersecurity incident affecting customer data
Hackers hijack 12 DeFi websites, steal $202,000
