Americans for Financial Reform
November 2, 2026

Crypto Spends Big Bucks in the Buckeye State

Cryptocurrency PACs have directed a vast share of their total spending into Ohio to target the Senate race between Brown and Husted.

With midterms days away, major cryptocurrency political action committees (PACs) have ramped up their spending in Ohio, where Jon Husted (R) is vying to prevent Sherrod Brown (D) — a longtime supporter of consumer financial protection and a critic of crypto deregulation — from retaking his Senate seat. The cryptocurrency PACs have put over $60 million into ads and messaging in support of Husted and against Brown in this race, making up a significant portion of their total spend across the entire country.

Between September 21, 2026, and October 26, 2026, Defend American Jobs, an affiliate of Fairshake, spent over $55 million in Ohio, over half of its national independent expenditures since the beginning of 2025. During the same period, Digital Freedom Fund, the pro-crypto PAC backed by the Winklevoss twins, spent almost entirely in Ohio, with much smaller amounts flowing into Texas and Iowa races.

Defend American Jobs’ $55 million spend has made it the third-highest independent expenditure spender in the state, behind only two electoral party PACs: SLF PAC, the PAC arm of the Senate Leadership Fund supporting a Republican majority, and WinSenate, a PAC that supports a Democratic majority. Digital Freedom Fund is smaller, but still ranks 13th in total spending in the state. Defend American Jobs, which primarily focuses on electing Republicans, has poured over $36 million to support Husted—over half of all national PAC spending for him in the state—and $19.7 million to oppose Brown. Digital Freedom Fund has funneled $3 million and $4 million to support Husted and oppose Brown, respectively. 

Both crypto PACs have spent more on Ohio this cycle than they did in previous years. The uptick follows a broader trend where major Big Tech-aligned PACs are putting still more money into elections after a significant showing during the last cycle. The PACs have spent exclusively on messaging opposing Brown and backing Husted in a slate of media and messaging campaigns around the state. Thirteen of these communications expenditures measured over $1 million, with the two largest—$11.3 million and $10.2 million—going from Defend American Jobs in media buys supporting Jon Husted. Ads for Husted typically don’t mention crypto; one highlights Husted’s biography and the other criticizes Brown for votes on the gas tax, Internal Revenue Service and Social Security.

During Brown’s previous tenure in the Senate, he served as the Ranking Member of the Senate Banking committee. He has been a  longtime champion for financial consumer protection, and an advocate for sound regulatory oversight of crypto firms. Husted on the other hand cosponsored and voted in favor of crypto industry supported legislation, including the GENIUS and CLARITY Acts.