A political action committee with significant backing from the cryptocurrency industry has spent more than $11 million on advertising efforts to influence the outcome of Ohio’s high-profile US Senate race. Defend American Jobs PAC, a committee closely associated with Coinbase and Ripple Labs-supported Fairshake, disclosed a total expenditure of $11.4 million targeting Republican Jon Husted and campaigning against Democrat Sherrod Brown.
Major campaign spending in the Ohio Senate race
In a recent Federal Election Commission filing, Defend American Jobs PAC detailed its substantial media purchases that promoted Husted while seeking to prevent Brown’s potential return to the Senate. The PAC’s actions are part of Fairshake’s broader strategy, which includes an initial commitment to spend $30 million in the Ohio contest. This effort reflects the crypto sector’s growing involvement in US elections, especially against candidates perceived as opposed to digital asset policies.
Sherrod Brown, who previously served as Senate Banking Committee chair, is recognized for his vocal criticism of cryptocurrency-focused legislation and industry-driven policy initiatives. The significant investment from crypto-aligned PACs highlights the increasing political stakes for the industry.
Defend American Jobs PAC committed $11.4 million to sway the outcome of the Ohio Senate race, specifically supporting Republican Jon Husted while seeking to prevent a Senate return for Sherrod Brown, a prominent crypto skeptic.
According to FEC records, outside groups spent over $300 million during the 2024 Ohio Senate race between Brown, the sitting senator at the time, and Republican Bernie Moreno. Of this total, crypto-linked PACs and their affiliates contributed approximately $41 million to support Moreno and oppose Brown. Moreno ultimately secured the seat with 50.2% of the vote, while Brown received 46.4%.
| Candidate | Support/Opposition Spending from Crypto PACs | Election Result |
|---|---|---|
| Bernie Moreno (R) | $41 million (support) | 50.2% |
| Sherrod Brown (D) | $41 million (opposition) | 46.4% |
Following Moreno’s win, Ohio Governor Mike DeWine appointed Jon Husted to the Senate seat after it was vacated by JD Vance, who left to assume the office of US vice president in 2024.
Mini dictionary: Fairshake is a political action committee formed to advance the interests of the cryptocurrency industry in US elections, often funding advertising campaigns and supporting pro-digital asset candidates across various states.
Crypto industry influence extends to Ohio governor’s race
The cryptocurrency industry’s impact in Ohio politics extends beyond the Senate. Vivek Ramaswamy, co-founder of the digital asset management company Strive, has emerged as a prominent Republican figure. Ramaswamy, who was a candidate in the 2024 US presidential election, frequently advocated for crypto and blockchain innovation.
After the 2025 presidential inauguration, Ramaswamy announced his candidacy for Ohio governor and later won the Republican nomination in May 2026. He is set to compete against Democrat Amy Acton in the November election.
Ramaswamy’s campaign has drawn robust financial backing from several figures in the digital asset space. Three co-founders of World Liberty Financial, which operates within the Trump family’s crypto ventures, each contributed $16,615, the maximum donation allowed. Additional significant contributions include $20 million from Susquehanna International Group co-founder Jeff Yass, $6 million from NYDIG founder Ross Stevens, and $5,000 from the Bitcoin Voter Project to Ramaswamy’s “V-PAC: Victors, Not Victims.”
Mini dictionary: Susquehanna International Group is a global quantitative trading firm and private equity investor with an active presence in the digital asset sector, known for substantial political and financial influence.
This influx of political donations illustrates the growing alignment between leading cryptocurrency figures and rising candidates in Ohio’s political landscape.
Key industry donors are seeking increased influence by supporting both Republican candidates and pro-crypto policies in pivotal Ohio races.
