US Midterm Elections Shake Crypto Industry: Over $64 Million Fails to Stop Sherrod Brown from Returning to the Senate as Multiple Crypto-Friendly Lawmakers Lose

On Nov. 4, according to a post by journalist Eleanor Terrett, the results of the U.S. midterm elections have dealt a blow to the Republican Party and the cryptocurrency industry. Despite the crypto sector spending over $64 million, it failed to prevent former Senator Sherrod Brown from winning Ohio’s Senate seat. Brown previously served as chairman of the Senate Banking Committee and may soon assume leadership roles on panels overseeing cryptocurrency regulation.

In the House, several pro-crypto Republican lawmakers were defeated, including Bryan Steil, Zach Nunn, and Ann Wagner; Mike Lawler conceded to Democratic candidate Cait Conley, though the final result in New York’s 17th congressional district awaits the count of delayed ballots. House Financial Services Committee Chairman French Hill currently leads and is expected to transition to ranking member, while Maxine Waters is poised to resume her role as committee chair.

Additionally, Democratic Senator Kirsten Gillibrand helped bolster the Democratic Senate majority in this election, setting the stage for increased party influence. Following the GOP’s loss of Senate control, Tim Scott is expected to step down as Banking Committee chair to become the ranking member. Pro-crypto Senator Pete Ricketts secured victory in Nebraska, while Republican Representative Andy Barr won Kentucky’s open Senate seat, potentially earning him a spot on the Senate Banking Committee.