The cryptocurrency sector's approximately $200 million midterm push encountered a major setback with the re-election of Democratic Senator Sherrod Brown in Ohio, despite more than $60 million spent to unseat him. Although the loss complicates future regulatory pushes like the Clarity Act, the leading industry super PAC Fairshake still won 29 of the 34 races it entered. This extensive political operation pushed the sector's total spending over the past two election cycles to nearly half a billion dollars, even as a newly Democratic Congress prepares for heightened oversight into the industry's ties with President Donald Trump.
Key points
Democrats taking Congress creates a challenging political environment featuring likely re…: Democrats taking Congress creates a challenging political environment featuring likely regulatory inquiries and oversight hearings for crypto firms.
Heavy campaign outlays yielded mixed returns in pivotal Senate contests despite the indus…: Heavy campaign outlays yielded mixed returns in pivotal Senate contests despite the industry investing half a billion dollars across two cycles.
Digital token prices showed resilience against political headwinds as Bitcoin rose 3.1 pe…: Digital token prices showed resilience against political headwinds as Bitcoin rose 3.1 percent above $80,000 on Wednesday.
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WASHINGTON, Nov 4 : The crypto industry's roughly $200 million spending spree this election stumbled Tuesday, as some of its most expensive and high-profile targets, including the Senate race in Ohio, did not go its way.
While the industry won most of the races it targeted, those losses raised questions among lobbyists about whether it had backed the right candidates.
The greatest blow for the industry came in Ohio, where Democrat and crypto skeptic Sherrod Brown decisively won his race to return to the Senate, despite crypto political action committees spending more than $60 million to defeat him.
The race was one of the most expensive in the Senate's history. Strategists viewed it as a major test of crypto's political clout after the Senate in September voted against advancing major crypto legislation known as the Clarity Act due to opposition from Democrats, in a blow for an industry that has grown close to President Donald Trump.
Some progressive Democratic primary candidates also successfully attacked opponents over their crypto ties.
"We see this as souring the political environment for crypto," said…
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