Midterms: Several pro-crypto lawmakers lose races as crypto industry's $64 million fails to stop Brown's return

November 4: Reporter Eleanor Terrett posted on X that the U.S. midterm elections were overall a "tough night" for Republicans and the crypto industry. More than $64 million in crypto industry funding failed to stop Sherrod Brown from returning to the Senate, where he may obtain a leadership post on a committee with jurisdiction over the crypto industry; pro-crypto House Republicans Bryan Steil, Zach Nunn and Ann Wagner lost their seats, and Mike Lawler has conceded (the AP has not yet called New York's 17th District race).

On the Senate side, Republicans lost control, and current Senate Banking Committee Chairman Tim Scott is expected to become ranking member in the next Congress. The race in the district of House Financial Services Committee Chairman French Hill has not yet been called, but he is expected to narrowly win by a few thousand votes and will become ranking member, with Maxine Waters taking over as chair. In addition, pro-crypto Banking Committee member Pete Ricketts won in Nebraska, and pro-crypto Rep. Andy Barr won Kentucky's open Senate seat, succeeding Mitch McConnell, and may seek a seat on the Banking Committee.