Republican nominee for U.S. Senate Bernie Moreno addresses supporters at Brecksville Community Center on November 4, 2024 in Brecksville, Ohio.
Stephen Maturen | Getty Images
Crypto fans are celebrating the results of the Ohio Senate race, where blockchain entrepreneur Bernie Moreno has defeated Senate Banking Chair Sherrod Brown, a three-term incumbent, in a contest that was key in the battle for control of the U.S. Senate.
Some $40 million of crypto money was directed at defeating Brown, with one PAC paying for five ads designed to boost awareness of Moreno, a businessman who worked as a luxury car dealer and had virtually no name recognition going into the contest.
The race was also a litmus test for whether the more than $245 million raised by the crypto industry this cycle would prove effective at the ballot box. 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.
Sen. Sherrod Brown, D-Ohio, speaks during a campaign rally at the Communications Workers of America Local 4370 in Brooklyn Heights, Ohio, on Saturday, October 26, 2024.
Tom Williams | Cq-roll Call, Inc. | Getty Images
Ripple’s billionaire co-founder, Chris Larsen, told CNBC on Tuesday night that Brown’s loss is “more fallout from the disastrous decision by President Joe Biden to outsource financial regulation to Sen. Warren.”
“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.
“Bring ’em on,” Politico quoted Brown as saying to a crowd of reporters last year.
His antagonists are now taking a victory lap.
Tyler Winklevoss, one of the top individual crypto contributors this election cycle, called Brown a “crypto public enemy,” a “co-conspirator” to Warren, and a “Gary Gensler crony,” referring to the chair of the SEC. In a post on X, Winklevoss wrote, “The crypto army is striking!”
Coinbase CEO Brian Armstrong is equally excited.
“Tonight the crypto voter has spoken decisively — across party lines and in key races across the country,” Armstrong wrote in a post to X.
Armstrong called it the “most pro-crypto Congress ever” with more than 219 crypto-friendly candidates elected to the House and Senate.
The Stand With Crypto Alliance, launched by Coinbase last year, started a “Live election results” lander for crypto investors to keep track of the results. According to the tracker, 224 pro-crypto candidates have been elected to the House, against 106 anti-crypto House candidates who have won. In the Senate, 14 pro-crypto candidates have been elected, while nine anti-crypto candidates have been victorious.
NBC News hasn’t yet called all of these races.
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.
Coinbase has been battling Gensler in court for more than a year over claims it sells unregistered securities.
The industry hopes that a pro-crypto Congress will pass rules that will apportion more of the regulatory responsibilities to the Commodity Futures Trading Commission, which has traditionally been softer on its approach to policing the sector.
“Americans disproportionately care about crypto and want clear rules of the road for digital assets,” Armstrong wrote. “We look forward to working with the new Congress to deliver it. Thank you to everyone who stood with crypto today. We did it!”
The Fairshake affiliated PAC Defend American Jobs, which donated more than $40 million in support of Moreno, released a statement on Tuesday night, saying Brown was a “top opponent of cryptocurrency.”
“Senator-Elect Moreno’s come-from-behind win shows that Ohio voters want a leader who prioritizes innovation, protects American economic interests, and will ensure our nation’s continued technological leadership,” the group said.
The political victories were reflected in the market.
Bitcoin surged to a fresh record above $75,000 earlier Tuesday as the NBC News Decision Desk projected a good night for Republican nominee Donald Trump.
— CNBC’s Ece Yildirim contributed to this report.
Correction: This story has been updated to correct the name of the Commodity Futures Trading Commission.
