Bitcoiners celebrate as Bernie Moreno ousts Sherrod Brown, upsets Ohio

Crypto fans are celebrating the results of the Ohio Senate race, in which blockchain entrepreneur Bernie Moreno defeated Senate Banking Chairman Sherrod Brown, a three-term incumbent, in a contest that has been rife in the battle for control of the U.S. Senate was crucial.

About $40 million in cryptocurrency money went into defeating Brown, with a PAC funding five ads aimed at raising profile for Moreno, a businessman who worked as a luxury car dealer and had virtually no name recognition before the contest.

The race was also a litmus test for whether the more than $245 million the crypto industry raised this cycle would prove effective at the ballot box. The Ohio race attracted more ad spending than any Senate race in history and was the single largest cryptocurrency target this cycle.

Brown was unpopular with crypto fans, including for supporting Sen. Elizabeth Warren, D-Mass., in holding hearings on whether digital tokens were linked to terrorism. He voted against pro-crypto legislation, called for greater regulation of the sector, and regularly posted anti-crypto rhetoric on social media.

Ripple's billionaire co-founder Chris Larsen told CNBC on Tuesday evening that Brown's loss is “another consequence of President Joe Biden's disastrous decision to outsource financial regulation to Senator Warren.”

“Tonight I'm sad, but I'm never giving up,” Brown said in brief concession remarks Tuesday night.

In December, Brown told reporters that he was not worried about the crypto industry's rumors against him.

“Bring them on,” Politico quoted Brown as saying to a crowd of reporters last year.

His opponents are now taking a victory lap.

Tyler Winklevoss, one of the top crypto contributors this election cycle, called Brown a “crypto public enemy,” a “co-conspirator” of Warren and a “Gary Gensler crony,” referring to the SEC chairman. In a post on X, Winklevoss wrote: “The crypto army strikes!”

Coinbase CEO Brian Armstrong is equally enthusiastic.

“Tonight the crypto voter spoke decisively – across party lines and in important elections across the country,” Armstrong wrote in a post to X.

Armstrong called it the “largest crypto convention ever,” with more than 219 crypto-friendly candidates elected to the House and Senate.

The Stand With Crypto Alliance, launched by Coinbase last year, has launched a “live election results” lander for crypto investors to follow the results. According to the tracker, 224 pro-crypto candidates were elected to the House of Representatives, while 106 anti-crypto candidates won in the House of Representatives. In the Senate, 14 pro-crypto candidates were elected, while nine anti-crypto candidates emerged victorious.

NBC News has not yet called all of these races.

Coinbase donated more than $75 million to Fairshake and its affiliated PACs, including a new $25 million commitment to support the group in the 2026 midterm elections. Armstrong personally was among the largest individual cryptocurrency donors, donating over $1 .3 million to a mix of candidates across all ballots.

Coinbase has been battling Gensler in court for more than a year over allegations that the company is selling unregistered securities.

The industry is hoping a pro-crypto Congress will pass rules that give more regulatory responsibility to the Commodity Futures Trading Commission, which has traditionally taken a softer approach to overseeing the sector.

“Americans care disproportionately about crypto and want clear rules for dealing with digital assets,” Armstrong wrote. “We look forward to working with the new Congress to achieve this. Thank you to everyone who stood up for crypto today. We made it!”

Fairshake member PAC Defend American Jobs, which has donated more than $40 million in support of Moreno, released a statement Tuesday night saying Brown is a “top cryptocurrency opponent.”

“Senator-elect Moreno’s victory shows that Ohio voters want a leader who will prioritize innovation, protect America’s economic interests and ensure our country’s continued technological leadership,” the group said.

The political victories were reflected in the market.

Bitcoin The price rose to a new record of over $75,000 early Tuesday as the NBC News Decision Desk predicted a good night for Republican candidate Donald Trump.

—CNBC's Ece Yildirim contributed to this report.

Correction: This story has been updated to correct the name of the Commodity Futures Trading Commission.