The digital assets industry had spent years unsuccessfully trying to get U.S. market structure legislation — or any other meaningful crypto bill — through the Senate Banking Committee that Brown led. Once the super PAC’s spending helped unseat the Ohio Democrat two years ago and replace him with pro-crypto Senator Bernie Moreno, the committee dealt successfully with a major bill to regulate stablecoin issuers and nearly reached the finish line on the Digital Asset Market Clarity Act.
But a potential Brown return wouldn’t necessarily mean he’d come back to the role he once occupied, because Senator Elizabeth Warren is the current top Democrat on the banking panel and is widely expected to be first in line for the gavel if her party takes back the Senate.
Still, Fairshake has decided his defeat is worth $30 million, PAC spokesman Geoff Vetter confirmed on Monday.
That makes the largest — by far — industry spend against a single candidate in these midterm elections, as the weeks wind down toward the November 3 election day. Vetter said Fairshake would have more announcements to make in the coming days on its strategy during this final stretch. Fairshake still has more than $90 million on-hand that it can use in the general, Vetter confirmed.