Crypto PAC Fairshake Commits $30M Against Sherrod Brown in Ohio Senate Race

What happened: With the US midterm elections approaching on November 3, crypto-backed super PAC Fairshake has pledged $30 million to oppose former Senator Sherrod Brown's bid to return to the Senate from Ohio. This is the largest single-candidate spend of the cycle for Fairshake, which is backed by Coinbase and Ripple. The move follows the Senate's failure to advance the CLARITY Act, a key crypto market structure bill. The Winklevoss-backed Digital Freedom Fund is also contributing roughly $3 million to similar efforts.

Why it matters: The crypto industry's political spending is accelerating, with Fairshake alone spending $40 million in the previous cycle to help defeat Brown. The collapse of the CLARITY Act has galvanized industry donors, who now control an estimated $200 million midterm war chest. While the House has advanced a bipartisan crypto tax bill, the Senate remains a battleground, with the outcome likely to shape the regulatory environment for years to come.

Source: CoinDesk