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Crypto’s Biggest Political PAC Fairshake Faces Stunning Election Setback
Crypto-backed super PAC Fairshake suffered a major political setback after Democrat Sherrod Brown won his Ohio Senate race despite facing approximately $56 million in opposition spending.
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Crypto-backed super PAC Fairshake suffered a setback after Democrat Sherrod Brown won the Ohio Senate race despite roughly $56 million in opposing spending. The group and its affiliates reportedly spent about $154 million on advertising this cycle, over a third of it aimed at defeating Brown. Brown, a former Senate Banking Committee chairman, won by close to five points on Tuesday, November 3.
Democrats made gains in the midterms and are set to control Congress, though several crypto-friendly candidates still won. Fairshake still reportedly has about $56 million for future races. Ripple's chief legal officer, Stuart Alderoty, argued the results are not an overall defeat for the sector and said Ripple remains committed to super PAC involvement.
Why it matters: The result suggests heavy political spending does not guarantee electoral success, and the shift in congressional power could complicate the industry's legislative priorities.
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