UPDATED 14:19 UTC, 4 Nov: Democrats also won the House. The Associated Press called it at 1:26 a.m. Eastern time (06:26 UTC), Roll Call reported, so the party will control both chambers from January. What that means for the committees that write crypto law.

At a glance

  • Democrat Sherrod Brown has won Ohio’s US Senate seat, beating Republican Senator Jon Husted, the Associated Press projected at 11:10 p.m. Eastern time on Tuesday (04:10 UTC on Wednesday).
  • Defend American Jobs, a super PAC affiliated with the crypto industry’s Fairshake, had reported about $56 million in spending on the race, most of it supporting Husted or opposing Brown. Democrats have also won control of the Senate, AP said.

The Ohio contest was a special election for the rest of the term won by JD Vance in 2022, so Brown will face voters again in 2028, NPR reported. Brown chaired the Senate Banking Committee before losing his seat in 2024.

What the filings showed

As our count of the filings on Sunday found, Defend American Jobs reported about $19.7 million against Brown and more than $36 million for Husted in its notices to the Federal Election Commission through 29 Oct. A second crypto-funded super PAC, Digital Freedom Fund, reported $4.2 million against Brown and $3.0 million for Husted.

The Block put Fairshake’s Ohio outlay at $30 million in its report on the result. It did not say how it reached that figure, and it is lower than the FEC notices show. Fairshake’s affiliate also spent $12 million in 2024 to back Republican Bernie Moreno, who unseated Brown, the outlet said.

The other races the PACs paid for

Digital Freedom Fund’s smaller bets went the same way. In Texas, AP called the race for Democrat James Talarico over Republican Ken Paxton; the PAC had reported $393,000 against Talarico. In Iowa, CBS News projected a Democratic win in the seat contested by Josh Turek, whom the PAC had opposed with $474,000.

In Nebraska, where Defend American Jobs reported $13.5 million against independent Dan Osborn, the race against Republican Senator Pete Ricketts had not been called at about 05:00 UTC.

Not every result went against the industry’s ratings. Stand With Crypto, an advocacy group, had given Talarico an A, and its endorsed candidate in New Hampshire, Democrat Chris Pappas, also won, The Block reported.

What a new Senate majority changes

Committee chairs change hands when the majority does. If Democrats took the Senate, Brown could chair the Agriculture Committee, which oversees the Commodity Futures Trading Commission, The Block reported, citing sources.

What does not change is the threshold. Most bills need 60 votes to end debate in the Senate, a step called cloture, so a crypto market-structure law such as the Clarity Act still needs support from both parties. Husted had voted for the Clarity Act, according to The Block.

CryptoWatchDesk has covered the push for federal exchange rules after the Binance hack and the CFTC’s approval of perpetual futures on single US stocks, both of which would sit with the new committees.

CBS News and NBC News have projected that Democrats will also win the House. AP had not called the House as of 05:00 UTC; it calls control when a party reaches 218 seats.

What happens next. The new Congress convenes on 3 Jan 2027, when committee chairs for the majority are set. Super PACs’ post-general reports to the FEC, covering spending through 23 Nov, are due on 3 Dec.

This article is for information only and is not investment advice.