A well-funded crypto super PAC is gearing up for another fight with former Senate Banking Committee chair Sherrod Brown, raising the stakes for Ohio’s 2026 Senate race.
Key Takeaways:
- Fairshake spent over $40M in 2024 to unseat Sherrod Brown and has now raised $140M for 2026.
- Brown’s past opposition to pro-crypto legislation makes him a prime target for the PAC.
- His likely opponent, Republican Jon Husted, has a pro-crypto record.
Fairshake, a political action committee bankrolled by major cryptocurrency players including Coinbase, Ripple, and venture capital giant Andreessen Horowitz, spent over $40 million in 2024 to help unseat Brown, a vocal critic of the industry.
That effort, the PAC’s biggest single-race investment, succeeded in electing Republican Bernie Moreno, a pro-crypto businessman, flipping a key seat on the Banking Committee.
Fairshake Reloads With $140M to Target Sherrod Brown Again
Fairshake has replenished its coffers with more than $140 million and is signaling that Brown remains in its sights, according to a Thursday report from Politico.
“We will continue to support pro-crypto candidates and oppose anti-crypto candidates, in Ohio and nationwide,” spokesperson Josh Vlasto reportedly told the outlet.
Brown’s tenure as Banking Committee chair from 2021 to 2025 was marked by resistance to industry-friendly legislation, citing concerns over money laundering and illicit finance.
His stance put him at odds with a growing faction of Democrats warming to crypto, creating a fault line the industry exploited in 2024.
The political calculus has shifted for 2026. Brown’s potential opponent, Republican incumbent Jon Husted, appointed to the Senate after JD Vance became vice president, has been generally supportive of the industry.
While Husted has been quiet on crypto specifics, his record in state office and recent votes align with pro-crypto positions.
Brown’s comeback bid faces not just the challenge of an entrenched incumbent, but also questions about his seniority if he returns.
Senate rules would strip him of his prior Banking Committee leadership unless Democrats change them, a potential flashpoint given his strained relationship with the industry.
Despite his 2024 defeat by more than three percentage points, Brown remains Democrats’ top hope to reclaim the Ohio seat.
He outperformed Kamala Harris by more than seven points in the state, even as crypto-backed spending fueled a GOP financial edge.
Fairshake PAC Backs Pro-Crypto Candidates
Created by a handful of crypto companies in 2023, Fairshake “supports candidates committed to securing the United States as the home to innovators building the next generation of the internet” while pushing for “a clearer regulatory and legal framework” for the blockchain sector.
Major donors behind Fairshake include venture capital firm Andreessen Horowitz, and crypto giants Coinbase and Ripple.
Coinbase recently contributed $25 million, with Ripple Labs, Uniswap Labs, and crypto entrepreneur Robert Leshner also backing the effort.
Coinbase’s chief policy officer, Faryar Shirzad, said the company is committed to fighting for consumer protections and financial empowerment for digital asset holders.
“We are building an aggressive, targeted strategy for next year to ensure that pro-crypto voices are heard in key races across the country,” Fairshake spokesperson Josh Vlasto said.
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