Key facts
- A crypto-aligned PAC, Defend American Jobs PAC, spent $11.4 million on ads opposing Senator Sherrod Brown.
- The PAC is backed by Fairshake, a group affiliated with Coinbase and Ripple Labs.
- Fairshake has pledged an initial $30 million for media opposing Brown in the Ohio Senate race.
- Brown has been an outspoken critic of pro-crypto legislation.
- In 2024, crypto PACs spent approximately $41 million to oppose Brown and support Bernie Moreno.
- Vivek Ramaswamy, a Republican candidate for Ohio governor, received significant donations from crypto industry figures.
A political action committee aligned with the cryptocurrency industry has reported spending over $11 million on media campaigns aimed at influencing the Ohio Senate race, specifically opposing incumbent Democrat Sherrod Brown. The Defend American Jobs PAC, affiliated with the Fairshake group backed by Coinbase and Ripple Labs, disclosed the expenditure in a filing with the Federal Election Commission. This spending is part of Fairshake's broader pledge to invest $30 million in the race, signaling a significant effort by the crypto industry to shape political outcomes.
Sherrod Brown, who previously chaired the Senate Banking Committee, has been a vocal critic of cryptocurrency legislation and policies. The crypto industry's involvement in Ohio politics is a continuation of its strategy from previous election cycles. In the 2024 Ohio Senate race, crypto-aligned PACs reportedly spent around $41 million to oppose Brown and support Republican Bernie Moreno, who ultimately won the election.
Beyond the Senate race, the influence of the crypto industry extends to other political contests in Ohio. Vivek Ramaswamy, a Republican candidate for Ohio governor, has received substantial financial backing from prominent figures in the crypto space, including co-founders of the Trump family's crypto company World Liberty Financial and major investors like Jeff Yass and Ross Stevens.