Democrats won control of both chambers of Congress on November 3, 2026, as crypto-backed political action committees lost several of their biggest Senate bets despite spending more than $170 million. Sherrod Brown’s win in Ohio, over a roughly $64 million campaign against him, was the industry’s most expensive defeat.
Democrats also prevailed in Texas and Iowa, where crypto-funded groups had backed Republican candidates or financed efforts against their Democratic opponents.
According to Tech Influence Watch, which tracks political spending using Federal Election Commission records, crypto-focused super PACs spent approximately $170.5 million across 100 congressional seats during the election cycle.
Of that amount, $125.5 million went toward efforts benefiting Republicans, compared with $45 million benefiting Democrats. The figures cover tracked independent expenditures, rather than all political donations, and remain subject to updated election filings.
Crypto’s $64 million effort to defeat Sherrod Brown fails
Ohio represented the industry’s biggest financial commitment of the election cycle.
The Fairshake network, backed by major crypto companies including Coinbase, Ripple and Andreessen Horowitz, spent approximately $56.6 million supporting Republican Senator Jon Husted or opposing Brown.
The Winklevoss-backed Digital Freedom Fund added more than $7 million to the same contest, bringing the combined crypto spending to approximately $64 million.
Brown nevertheless defeated Husted, returning to the Senate two years after losing his previous seat in 2024.
The result is significant for an industry that has spent years attempting to expand its influence in Washington.
Brown previously chaired the Senate Banking Committee and has been a prominent critic of cryptocurrency companies, particularly over consumer protection and regulatory oversight.
His return could strengthen the position of lawmakers seeking tougher scrutiny of the industry, although his precise committee responsibilities in the incoming Congress have yet to be determined.
Crypto-backed Republicans also lose in Texas and Iowa
The industry’s setbacks extended beyond Ohio.
In Texas, Democrat James Talarico defeated Republican Ken Paxton despite opposition spending by the Digital Freedom Fund, which had also supported Paxton.
The PAC spent approximately $393,000 opposing Talarico and $166,000 supporting Paxton, according to pre-election spending records reported by CoinDesk.
The result was not necessarily a rejection of cryptocurrency policy. Talarico himself has supported certain crypto initiatives, illustrating how the industry’s political spending choices do not always align neatly with candidates’ positions on digital assets.
In Iowa, Democrat Josh Turek defeated Republican Ashley Hinson despite roughly $700,000 in spending by the Digital Freedom Fund benefiting Hinson’s candidacy.
The defeats were particularly notable because the industry’s biggest late-stage spending efforts had been concentrated on Republicans or directed against Democratic challengers.
Not all of the industry’s election spending failed
The election results were mixed for crypto-backed political groups.
In Nebraska, Republican Senator Pete Ricketts defeated independent challenger Dan Osborn after the Fairshake network spent at least $13.5 million opposing Osborn.
Ricketts, a member of the Senate Banking Committee, supported the industry’s Digital Asset Market Clarity Act.
Fairshake also supported candidates from both major parties in House races, many of whom won.
According to Reuters’ November 4 election assessment, the PAC had secured victories in 29 of the 34 races it had spent on at the time of reporting, with several contests still unresolved.
The results therefore do not amount to a complete electoral defeat for crypto-backed candidates.
Instead, the industry recorded a substantial number of victories while losing some of the expensive competitive races where it attempted to influence the outcome.
Democratic control raises new questions over crypto legislation
The election results leave the cryptocurrency industry’s regulatory agenda facing a changed political environment.
Democrats secured control of both the House and Senate, ending Republican control of Congress. The incoming Congress is scheduled to convene on January 3, 2027.
The change follows an earlier setback for the industry’s biggest legislative priority.
On September 15, the Senate failed to advance the Digital Asset Market Clarity Act after a procedural vote ended 49–50, short of the 60 votes required to proceed.
The official Senate voting record shows that no Democratic senator supported advancing the legislation.
The bill was intended to establish clearer federal rules governing cryptocurrency markets and divide regulatory responsibilities between the Securities and Exchange Commission and the Commodity Futures Trading Commission.
With Democrats taking control of Congress, any renewed effort to pass comprehensive crypto legislation will likely require further negotiations over consumer protections, regulatory authority and potential conflicts of interest.
The outcome also gives Democratic lawmakers greater opportunities to investigate cryptocurrency-related activities involving President Donald Trump and his administration.
For the industry’s political organizations, the immediate question is whether their considerable election spending has produced enough congressional allies to advance future legislation.
The results show that crypto money remains influential in US elections, but the defeats in Ohio, Texas and Iowa demonstrate that large financial commitments do not guarantee victory.