A political action committee linked to the cryptocurrency sector has disclosed spending of over $11 million on television and digital ads that promote Republican Jon Husted and criticize Democrat Sherrod Brown ahead of the Ohio Senate contest.
PAC spending and campaign context
The filing with the Federal Election Commission shows that the Defend American Jobs PAC, which operates under the Fairshake umbrella backed by Coinbase and Ripple Labs, allocated $11.4 million toward media buys favoring Husted. The ads frame Brown as a threat to the industry, echoing Fairshake’s earlier pledge to invest $30 million in the Ohio race to keep Brown out of the Senate.
Background on the Ohio race and prior spending
Ohio’s 2024 Senate race between incumbent Brown and Republican Bernie Moreno attracted more than $300 million from outside groups, according to FEC data. Crypto-aligned entities alone contributed roughly $41 million to oppose Brown and back Moreno, helping the Republican secure a narrow victory with 50.2% of the vote. Husted was later appointed to the seat by Governor Mike DeWine after JD Vance vacated it to become vice president.
Industry figures and other political support
Beyond the Senate campaign, crypto investors are also backing other Ohio races. Venture founder Vivek Ramaswamy, a former presidential candidate, received contributions from the founders of World Liberty Financial and a $20 million pledge from Jeff Yass of Susquehanna International Group, as well as donations from NYDIG founder Ross Stevens. These contributions illustrate a broader strategy to influence state politics where crypto regulation is a key issue.
Why it matters
The level of financial involvement signals that the cryptocurrency sector views state-level elections as pivotal to shaping regulatory outcomes. By directing substantial resources toward candidates perceived as friendly, the industry aims to secure a legislative environment conducive to digital asset growth. Continued spending of this magnitude could affect future policy decisions in Ohio and set a precedent for crypto lobbying in other jurisdictions.
