Crypto's Fairshake repeats history with $30 million to oppose Sherrod Brown Senate bid
Crypto super PAC Fairshake is investing $30 million to oppose Senator Sherrod Brown's re-election bid in Ohio, aiming to prevent him from regaining influence over the Senate Banking Committee due to his critical stance on the crypto sector. This substantial spending makes it the largest industry expenditure against a single candidate in the current midterm elections.
Why it matters
This demonstrates the increasing financial power and political engagement of the crypto industry in US elections, as it seeks to shape regulatory environments by backing candidates favorable to its interests and opposing those deemed hostile.
The current Republican majority in the Senate has been productive for crypto advocates despite the recent failed vote for a key bill, and a Brown win this year could help shift the needle toward the Democrats' narrow chance to get the majority back. Plus, Brown's critical view of the crypto sector had been a thorn in the side of the businesses that backed Fairshake and its affiliates — mainly Coinbase, Ripple Labs and a16z.
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