Crypto’s $135 million campaign undefeated in 48 races so far
In the Nov. 5 races, 48 out of 48 candidates backed by crypto’s biggest political action committees were declared winners as of midday Friday morning. In eight races where votes are still being counted, the PACs’ preferred candidate is ahead in all but three.
Crypto made its biggest bet in Ohio, where it spent more than $40 million to lift Republican Bernie Moreno in his bid to unseat longtime Democratic senator and vocal crypto-skeptic Sherrod Brown. Moreno, who trailed in the polls as recently as late October, was declared the victor with 50.2% of the vote as of midday Thursday. “DC received a clear message that being anti-crypto is a good way to end your career,” Coinbase Global Inc. CEO Brian Armstrong crowed in an X post celebrating the election results.
This may come as a surprise to voters — candidates and ads backed by crypto’s political action committees barely mentioned the industry or its pet issue, regulation. Yet, Fairshake, its primary vehicle for the campaign, has become the largest single-issue super PAC in history. Fairshake and two affiliated super PACs, Defend American Jobs and Protect Progress, are funded by Coinbase, Ripple Labs and Andreessen Horowitz, among other industry heavyweights.
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