Digital Asset PAC Spends $52.6 Million Targeting Brown

In the U.S. Senate race in Ohio, two political action committees (PACs) linked to the digital asset industry have spent a total of $52.6 million targeting former Senator Sherrod Brown. Defend American Jobs spent approximately $46.66 million, which is $16.66 million more than the previously announced $30 million plan in September. The Digital Freedom Fund spent about $5.94 million, of which $1.98 million was for sending anti-Brown mailers. In the 2024 Senate election, the industry plans to invest over $40 million to ensure Brown's defeat. Brown has shown a critical stance towards policies favored by the digital asset industry, and the aim is to prevent his return to Congress. If the Democrats take control of Congress in the November midterm elections, there is a possibility of investigating the relationship between the digital asset industry and the administration. Political uncertainty could impact the digital asset market, and the Ohio election is expected to serve as a litmus test for the direction of digital asset regulation in the U.S.

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