Crypto super PAC Fairshake has opened a $30 million advertising campaign against former Ohio Senator Sherrod Brown. The push came one week after the CLARITY Act failed to advance in the Senate.
Brown is a Democrat seeking to reclaim the seat he lost in 2024. Fairshake said more spending in House and Senate races will follow, including support for candidates from both parties.
Fairshake Returns to a Familiar Target
The Senate failed to advance the Digital Asset Market CLARITY Act on September 15. The procedural vote finished 49-50, well short of the 60 needed to move it forward.
The outcome was a significant setback for the industry. Fairshake, a super PAC funded by the cryptocurrency industry, is now directing its money against Democratic candidates as the midterm elections approach.
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The Ohio campaign against Brown is one such move. Brown has drawn the industry’s money before.
He was the top Democrat on the Senate Banking Committee, and Fairshake spent $41 million on advertising to target him in 2024.
Brown lost the seat that November. Republicans have since pointed to crypto money as one reason the candidate prevailed.
Traders Give Democrats the Edge in November
Fairshake is starting the campaign on Tuesday with advertising and direct mail aimed at Brown. The New York Times described the effort as the industry’s most aggressive of the midterms so far.
Brown is challenging Republican Senator Jon Husted in Ohio. The seat is among the top contests for control of Congress this year.
Meanwhile, the super PAC and two affiliated groups hold a war chest of $120.4 million, according to federal filings. Fairshake has also spent more than $68 million on congressional primaries this cycle, the Times reported.
Fairshake describes itself as bipartisan and funded some Democrats in 2024. Its general election spending this year is expected to heavily favor Republicans.
The money is arriving as prediction markets turn against Republicans nationally. Polymarket traders give Democrats a 93% chance of taking the House and 65% chance of taking the Senate, with Republicans at 7% and 36%, respectively.
Ohio follows the same direction. Traders price Brown at 61% on Polymarket’s US market, against 40% for Husted, while the global book is tighter at 55% to 46%.
Polling has moved, too. Trump’s approval rating fell to a record low of 32% in a Reuters/Ipsos survey. Ohio will test whether $30 million can still deliver the result the industry wants.
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The post Crypto Billionaires Open a $30 Million Campaign Against Democrats After CLARITY Act appeared first on BeInCrypto.
