Crypto Industry Spending Fails to Stop Sherrod Brown's Senate Return

The crypto industry’s election spending topped $64 million, but it did not stop former Sen. Sherrod Brown from winning a return to the Senate as Republicans lost control of the chamber. Brown could now lead a Senate committee with jurisdiction over crypto.

Three Republican House members also lost their seats: Bryan Steil, Zach Nunn and Ann Wagner. Their defeats add to the electoral setbacks for crypto-friendly lawmakers.

Current Senate Banking Committee Chairman Tim Scott is expected to become a ranking member next Congress after Republicans lost the chamber. House Financial Services Committee Chairman French Hill's district had not been called, though he was expected to win by a few thousand votes. If he holds the seat, he is expected to become the committee's ranking member as Maxine Waters takes over as chair.

Crypto-aligned candidates also won. Sen. Pete Ricketts won in Nebraska, and Rep. Andy Barr secured the open Kentucky Senate seat previously held by Mitch McConnell. Barr could seek a seat on the Senate Banking Committee.