The cryptocurrency industry's leading network of super PACs, Fairshake, is spending $55 million to keep Sherrod Brown out of the Senate in Ohio, according to Semafor. The move repeats a 2024 play that critics say failed, as Brown pulls ahead in polls and President Donald Trump campaigns in the state.
Fairshake, the cryptocurrency industry's leading network of super PACs, is spending $55 million in the Ohio Senate race to keep Sherrod Brown out of the Senate, Semafor reported. President Donald Trump is due to travel to Ohio to help the effort. The race is the second-most expensive this cycle, with spending topping $500 million this week.
The network spent $40 million in 2024 to unseat Brown, who then chaired the Senate Banking Committee. Brown lost, and Senator Elizabeth Warren of Massachusetts replaced him as the panel's top Democrat. Senate rules bar him from reclaiming his Banking seniority if he wins, according to Semafor.
Critics are skeptical the new spending will pay off. One financial services lobbyist said the $40 million Fairshake spent in 2024 "moved the needle zero" and the group was doing it again. A crypto executive aligned with the Democratic Party told Semafor that many tech people backing Fairshake really do not believe Democrats can take back the Senate. "They're not hearing the alternative views anymore," the executive said.
The executive pointed to Fairshake's decision to stay out of Maine's Senate race as an example of spending priorities disconnected from legislative goals. Senator Susan Collins, a Republican who opposed the latest crypto bill, is not facing critical spending from the network.
"There's no 4D chess being played here," a person close to Fairshake responded. The person said Fairshake is showing supporters and opponents in both parties that it shows up for champions in good times and bad.
If Brown loses, it would further isolate Democrats already warning that the Ohio play makes future progress on crypto legislation harder to picture. If he wins, the Democratic caucus could decide to make an exception by restoring his seniority. Brown has not said whether he wants to return to the Banking Committee. Another option is the Senate Agriculture Committee, which could give him a chance to pass a farm bill before he faces voters again in two years.
Analysis
Why This Matters
- The Ohio race is a live test of whether super PAC money can move Senate elections, with Fairshake following its $40 million 2024 outlay with $55 million now.
- The outcome shapes Senate Banking Committee leadership and the path for crypto legislation in the next Congress.
- Fairshake's spending choices are deepening a divide between industry backers and Democrats who say the strategy is disconnected from legislative goals.
Background
Fairshake is the cryptocurrency industry's leading network of super PACs. In 2024 it spent $40 million to unseat Brown, then chair of the Senate Banking Committee. Brown lost, and Senator Elizabeth Warren of Massachusetts became the top Democrat on the committee. Brown is now seeking a return to the Senate, but Senate rules bar him from reclaiming his Banking seniority if he wins, unless the Democratic caucus makes an exception. The Ohio race is the second-most expensive of the current cycle, with spending topping $500 million this week.
Key Perspectives
Financial services lobbyist: says the $40 million Fairshake spent in 2024 "moved the needle zero" and the network is doing it again.
Crypto executive aligned with Democrats: says many tech people backing Fairshake really do not believe Democrats can take back the Senate, and that "they're not hearing the alternative views anymore."
Person close to Fairshake: says there is no hidden strategy; Fairshake is showing supporters and opponents in both parties that it shows up for champions in good times and bad.
What to Watch
- Whether Brown wins, and whether Senate Democrats make an exception to restore his Banking Committee seniority.
- Where Fairshake directs its money next, including whether it enters the Maine race against Senator Susan Collins after staying out.
- Which committee Brown would choose if he returns, with the Senate Agriculture Committee floated as a route to a farm bill.
Checked
12 claims in this story checked against 1 source: 10 supported.
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- Partly supportedPresident Trump campaigns in Ohio.Semafor: “though President Donald Trump will travel there today to help the cause.”
- Partly supportedCritics say Fairshake’s 2024 Ohio play failed.Semafor: “The network known as Fairshake spent $40 million in 2024 to unseat Brown, then the Senate Banking Committee chair; after Brown lost”
- SupportedFairshake is spending $55 million to keep Sherrod Brown out of the Senate in Ohio.Semafor: “Now, Fairshake is spending $55 million to keep Brown off the Hill”
- SupportedBrown is pulling ahead in polls.Semafor: “As Brown pulls ahead in polls”
- SupportedThe Ohio Senate race’s spending topped $500 million this week.Semafor: “The Ohio Senate race is the second-most expensive this cycle, with spending topping $500 million this week.”
- SupportedThe race is the second-most expensive this cycle.Semafor: “The Ohio Senate race is the second-most expensive this cycle”
- SupportedA financial services lobbyist said Fairshake’s $40 million 2024 spending “moved the needle zero.”Semafor: ““That $40 million that Fairshake spent [in 2024] moved the needle zero … and they’re doing it again,” one financial services lobbyist said.”
- SupportedA crypto executive aligned with the Democratic Party said tech people backing Fairshake do not believe Democrats can retake the Senate and said, “They’re not hearing the alternative views anymore.”Semafor: ““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.””
- SupportedFairshake spent $40 million in 2024 to unseat Brown, who then chaired the Senate Banking Committee; Brown lost, and Elizabeth Warren replaced him as the panel’s top Democrat.Semafor: “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.”
- SupportedSenate rules bar Brown from reclaiming his Banking seniority if he wins.Semafor: “even though Senate rules bar him from reclaiming his Banking seniority if he wins.”
- SupportedSenator Susan Collins opposed the latest crypto bill and is not facing critical spending from Fairshake.Semafor: “Sen. Susan Collins, R-Maine, opposed the latest crypto bill but isn’t facing any critical spending from Fairshake.”
- SupportedIf Brown wins, the Democratic caucus could make an exception and restore his seniority.Semafor: “And if he wins, the Democratic caucus could decide to make an exception by restoring his seniority.”