Sherrod Brown defeats Jon Husted in Ohio Senate race, setback for Fairshake

Brown wins Ohio Senate race Tuesday night

Former Democratic Sen. Sherrod Brown has defeated incumbent Republican Jon Husted in the race for Ohio's Senate seat.

The result is a setback for Fairshake, a crypto political action committee — a group that raises money to support or oppose political candidates. Fairshake had spent heavily to keep Brown out of Washington.

Key points

• Brown, a former Democratic senator, defeated Republican Jon Husted in Ohio on Tuesday night.
• Earlier this year, Fairshake put $30 million into the Ohio race against Brown.
• Democrats gained control of the Senate, according to an update to the report.
• Husted was rated A by Stand With Crypto, a crypto advocacy group, while the group gave Brown an F.

Fairshake and its earlier spending against Brown

The report says Fairshake and the wider crypto industry spent millions to influence political outcomes in the 2024 elections.

Brown was previously chair of the Senate Banking Committee. In that role, he set the agenda for crypto and called for a crackdown on the use of cryptocurrency to fund terrorism and evade sanctions.

In 2024, Fairshake spent $12 million to back crypto-friendly Republican Bernie Moreno against Brown, and Brown lost that race.

Husted's record and Stand With Crypto ratings

Husted was endorsed by Stand With Crypto. The report says he voted yes for several crypto bills, including the Clarity Act, a broad crypto bill.

Stand With Crypto gave Husted an A rating and gave Brown an F rating.

Other candidates backed by Stand With Crypto

Other candidates backed by Stand With Crypto also won, including Democrat Chris Pappas in New Hampshire, according to the report.

Democratic Sens. Cory Booker and Mark Warner also won. The report says both have taken part in negotiations for crypto legislation.

In Texas, Democratic Senate candidate James Talarico won against Texas Attorney General Ken Paxton. Stand With Crypto had given Talarico an A rating for earlier pro-crypto statements and his vote to create a strategic bitcoin reserve in Texas. A strategic bitcoin reserve means a government holding bitcoin as an asset.

What Brown returning to the Senate could mean

Since Democrats regained control of the Senate, Brown could become chair of the Senate Agriculture Committee. The report says that committee has jurisdiction over digital assets and prediction markets, among other things.

Sources previously told The Block that, if he is chair, Brown would be unlikely to introduce any crypto legislation. That is a reported view from sources, not a confirmed plan.

Sources

• The Block