loading
loading
The cryptocurrency industry’s leading network of super PACs is yet again spending huge sums against Sherrod Brown in Ohio, despite doubts that the investment will pay off. The network known as Fairshake spent $40 million in 2024 to unseat Brown, then the Senate Banking Committee chair; after Brown lost, crypto antagonist-in-chief Elizabeth Warren of Massachusetts replaced him as the panel’s top Democrat. Now, Fairshake is spending $55 million to keep Brown off the Hill, even though Senate rules bar him from reclaiming his Banking seniority if he wins. As Brown pulls ahead in polls, skepticism is mounting that Fairshake’s latest Ohio play will help keep the Senate red — though President Donald Trump will travel there today to help the cause. “That $40 million that Fairshake spent [in 2024] moved the needle zero … and they’re doing it again,” one financial services lobbyist said. Some of Fairshake’s most vocal critics questioned whether its backers are getting a clear picture of the battleground landscape. The Ohio Senate race is the second-most expensive this cycle, with spending topping $500 million this week. “A lot of the tech people backing Fairshake really don’t believe” that Democrats can take back the Senate, a crypto executive aligned with the party told Semafor. “They’re not hearing the alternative views anymore.” This executive pointed to Fairshake’s decision to stay out of the Maine Senate race as an example of its spending priorities being disconnected from its legislative goals. Sen. Susan Collins, R-Maine, opposed the latest crypto bill but isn’t facing any critical spending from Fairshake. “There’s no 4D chess being played here,” a person close to Fairshake responded. “Fairshake’s showing everyone — supporters and opponents in both parties — that they show up for champions in good times and bad.” But if Brown loses his bid to return to the Senate, it would further isolate the Democrats who are already warning that Fairshake’s play for Ohio makes future progress on crypto legislation harder to picture. And if he wins, the Democratic caucus could decide to make an exception by restoring his seniority. He’s so far stayed mum on whether he even wants to return to the Banking Committee, which may prove less politically advantageous than other panels. Another option: The Senate Agriculture Committee, which could give Brown the opportunity to pass a farm bill before he faces voters again in two years. A spokesperson for Brown did not return a request for comment.
document fetched 2026-10-29 03:03 · canonical https://semafor.com/article/10/28/2026/crypto-industry-attempts-a-risky-2024-reboot-in-ohio