Big Crypto Moves To Punish Democrats For Not Doing Its Bidding

WASHINGTON — The cryptocurrency industry is going to spend millions to punish Democrats for voting down its priority legislation, targeting a key Democratic Senate candidate in a move many party operatives argue proves the industry's professed bipartisanship is a mirage.

The group Fairshake, a super PAC funded by the biggest companies in crypto, announced in The New York Times on Monday it would dump $30 million to fight former Sen. Sherrod Brown's bid to return to the Senate by unseating Sen. Jon Husted (R-Ohio). A victory for Brown, who has led every poll of the race conducted since August, is considered an essential part of Democrats' path to winning back control of Congress' upper chamber.

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"Jon Husted's for sale and the billionaires and corporations pouring millions into this race know it," Brown campaign manager Patrick Eisenhauer said in a statement.

All Senate Democrats voted against the "Digital Asset Market Clarity Act," a bill that would establish friendly regulations for crypto and protect it from the sort of aggressive oversight it experienced during President Joe Biden's administration. A group of about a dozen Democrats provided input on the bill, but voted against it because Republicans wouldn't go along with provisions to stop President Donald Trump from continuing to earn billions of dollars from crypto while in office.