The Ohio contest drew more ad spending than any Senate race in history, and was the biggest single target of crypto money this cycle.
Brown was unpopular with crypto fans, in part because he backed Sen. Elizabeth Warren, D-Mass., in holding hearings on whether digital tokens were tied to terrorism.
He voted against pro-crypto legislation, called for more regulation of the sector, and regularly posted anti-crypto rhetoric on social media.
“Tonight I’m sad, but I’m never giving up,” Brown said in brief concession remarks Tuesday evening.
In December, Brown told journalists that he wasn’t concerned about the crypto industry’s rumblings against him.
Tyler Winklevoss, one of the top individual crypto contributors this election cycle, called Brown a “crypto public enemy,” a “co-conspirator” to Sen. Warren, and a “Gary Gensler crony,” referring to the chair of the SEC.
According to the tracker, 224 pro-crypto candidates have been elected to the House, against 106 anti-crypto House candidates that have won.
In the Senate, 14 pro-crypto candidates have been elected, while nine anti-crypto candidates have been victorious.
Coinbase gave more than $75 million to Fairshake and its affiliated PACs, including a fresh pledge of $25 million to support the group in the 2026 midterms.
Armstrong personally was among crypto’s top individual donors, giving over $1.3 million to a mix of candidates up and down the ballot.
Crypto enthusiasts are rejoicing over the outcome of the Ohio Senate race, which was crucial in the struggle for control of the U.S. Senate. Blockchain entrepreneur Bernie Moreno defeated three-term incumbent Senate Banking Chair Sherrod Brown. S. . The Senate.
With one PAC funding five advertisements aimed at increasing awareness of Moreno, a businessman who worked as a luxury car dealer and had almost no name recognition prior to the contest, about $40 million in cryptocurrency funds were allocated to defeating Brown.
This cycle, the cryptocurrency industry raised over $245 million, and the race served as a test to see if that money would translate into votes. The Ohio contest was the largest target of cryptocurrency money this cycle and attracted more ad spending than any Senate race in history.
Brown’s support for Sen contributed to his unpopularity among cryptocurrency enthusiasts. The D-Mass is Elizabeth Warren. held hearings to determine whether digital tokens had any connection to terrorism. He advocated for increased industry regulation, voted against pro-crypto legislation, and frequently shared anti-crypto statements on social media.
“More fallout from the disastrous decision by President Joe Biden to outsource financial regulation to Sen.” Chris Larsen, the billionaire co-founder of Ripple, told CNBC Tuesday night that Brown’s loss. Warren. . “.
Brown made some quick concession statements Tuesday night, saying, “Tonight I’m sad, but I’m never giving up.”.
Brown stated to reporters in December that he was unconcerned about the backlash from the cryptocurrency industry.
According to Politico, Brown told a group of reporters last year, “Bring ’em on.”.
His enemies are now celebrating their triumph.
Brown was referred to as a “crypto public enemy” and a “co-conspirator” by Tyler Winklevoss, one of the leading individual cryptocurrency contributors this election cycle. “Gary Gensler crony,” a reference to the SEC chair, and Warren. Winklevoss wrote: “The crypto army is striking!” in a post on X.
Brian Armstrong, the CEO of Coinbase, is just as enthusiastic.
“The crypto voter has made a strong statement tonight — in important races across the nation and across party lines,” Armstrong wrote in a post to X.
Armstrong referred to it as the “most pro-crypto Congress ever” following the election of over 219 pro-crypto candidates to the Senate and House.
Coinbase’s Stand With Crypto Alliance launched a “Live election results” lander last year so that cryptocurrency investors could follow the outcome. The tracker indicates that 106 anti-crypto House candidates have won, compared to 224 pro-crypto candidates. Nine anti-crypto candidates have won the Senate, compared to 14 pro-crypto candidates.
All of these races have not yet been called by NBC News.
Coinbase donated over $75 million to Fairshake and its affiliated political action committees, including a new $25 million commitment to help the group in the 2026 midterm elections. Armstrong personally contributed over $1.33 million to a variety of candidates up and down the ballot, making him one of the top individual donors in cryptocurrency.
For more than a year, Coinbase has been fighting Gensler in court over allegations that it sells securities that aren’t registered.
In order to give the Commodities Future Trading Commission more regulatory authority, the industry is hoping that a pro-crypto Congress will enact regulations that would soften the agency’s historically lax enforcement of the law.
Armstrong wrote, “Americans care about crypto disproportionately and want clear rules of the road for digital assets.”. “We’re excited to deliver it in collaboration with the new Congress. We appreciate everyone who supported cryptocurrency today. We succeeded.
In a statement released Tuesday evening, the PAC Defend American Jobs, which is affiliated with Fairshake and contributed over $40 million to Moreno’s campaign, called Brown a “top opponent of cryptocurrency.”. “.
“Oregon voters want a leader who prioritizes innovation, protects American economic interests, and will ensure our nation’s continued technological leadership,” the group said, citing Senator-Elect Moreno’s comeback victory.
The market reflected the political triumphs.
Earlier Tuesday, as the NBC News Decision Desk predicted that Republican nominee Donald Trump would have a successful evening, Bitcoin jumped to a new high above $75,000.
— Ece Yildirim of CNBC reported on this.
