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first_img Former Senator Sherrod Brown defeated Jon Husted, crypto PAC Fairshake faced setbacks

Former Democratic Senator Sherrod Brown defeated incumbent Republican Senator Jon Husted in the Ohio Senate seat race, reclaiming the Senate seat, which poses a setback for the cryptocurrency political action committee Fairshake. Earlier this year, Fairshake invested $30 million in the Ohio campaign, explicitly targeting Brown. The crypto PAC and the broader cryptocurrency industry played a significant role in the 2024 elections, spending millions to influence political outcomes.This is not the first time Fairshake has funded efforts against Brown. Brown previously served as the chairman of the Senate Banking Committee, leading the cryptocurrency-related agenda and calling for action against the use of cryptocurrencies to fund terrorism and evade sanctions. In 2024, Fairshake invested $12 million to support pro-crypto Republican Bernie Moreno in challenging Brown, successfully defeating him. With the Democrats regaining control of the Senate, Brown may become the chairman of the Senate Agriculture Committee, which has jurisdiction over digital assets and prediction markets. Sources previously told The Block that if Brown takes the position, he is unlikely to push for any cryptocurrency legislation.Husted received support from the cryptocurrency advocacy group Stand With Crypto, having voted in favor of several cryptocurrency bills, including the broad cryptocurrency legislation "Clarity Act," and received an A rating from the organization, while Brown was rated F. Other candidates supported by Stand With Crypto include New Hampshire Democrat Chris Pappas, who won his campaign. Additionally, Democratic Senators Cory Booker and Mark Warner both successfully secured re-election, both of whom were involved in cryptocurrency legislative negotiations. Texas Democratic Senate candidate James Talarico received an A rating for his previous pro-crypto statements and voting to support the establishment of a strategic Bitcoin reserve in the state, defeating Texas Attorney General Ken Paxton on Tuesday.

Analysis: Bitcoin has broken the trend pattern before the last three U.S. midterm elections, with the current price 5.2% above the 200-day moving average

According to CoinDesk, Bitcoin's market performance before the 2026 U.S. midterm elections has broken the trend observed in the previous three elections. As of November 3, Bitcoin was priced at approximately $76,990, about 5.2% higher than the 200-day simple moving average (SMA) of $73,169, indicating that its long-term trend remains above the average.In contrast, during the U.S. midterm elections in 2014, 2018, and 2022, Bitcoin's price was approximately 35%, 9%, and 22% below the 200-day average, respectively, all during bear market phases. The report noted that although Bitcoin broke through $126,000 in October 2025, the current bear market has seen relatively shallow declines, mainly concentrated in January and February of this year.Martin Lee, head of research at DWF Labs, stated that historical data shows Bitcoin typically exhibits volatility or slight weakness in the initial months following midterm elections, but has achieved gains in the subsequent 12 months. However, short-term trends may still be influenced by election results, ETF fund flows, U.S. employment data, and geopolitical risks.Additionally, Bitcoin's 30-day implied volatility index BVIV has broken through a descending triangle pattern, indicating an increase in market expectations for short-term volatility.

The U.S. cryptocurrency industry has invested approximately $63 million to block Sherrod Brown's return to the Senate

According to CoinDesk, the U.S. cryptocurrency industry is investing about $63 million in an attempt to prevent former Senator Sherrod Brown from returning to Congress in the Ohio elections. Among them, the cryptocurrency industry's super political action committee Fairshake has invested nearly $56 million, while the political action committee under the Winklevoss brothers has invested about $7.2 million. Including the election spending for 2024, the political contributions from the cryptocurrency industry targeting Brown have exceeded $100 million in the past two years.The latest polls show that Brown has a slight lead over incumbent Senator Jon Husted, but the margin in most polls is still within the margin of error. The prediction market Kalshi gives Brown a 68% chance of winning, while also predicting a 68% chance for the Democrats to regain control of the Senate.Brown previously served as the chairman of the Senate Banking Committee and did not promote legislation for the cryptocurrency industry during his tenure. Reports indicate that if the Democrats regain control of the Senate, Elizabeth Warren may become the chairman of the Banking Committee, and Brown could also obtain an important committee position, which would influence the advancement of cryptocurrency market structure bills such as the CLARITY Act.
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