The crypto industry is gearing up for significant spending in several key U.S. Senate races, with Ohio being one of the primary battlegrounds. The Fairshake political action committee (PAC) has announced plans to invest heavily in influencing the outcome of races in Ohio, Arizona, and Michigan, with a particular focus on supporting candidates who are friendly towards cryptocurrencies and blockchain technology.

In Ohio, the crypto industry is planning to allocate $12 million to support Republican candidate Bernie Moreno, who is facing off against Democratic incumbent Sherrod Brown, the current chairman of the Senate Banking Committee. Brown has been known for his reluctance to advance crypto legislation within his committee, drawing criticism from the digital assets sector. The Fairshake PAC aims to back Moreno, a blockchain businessman, as part of its mission to support candidates who are committed to innovation, job protection, and cross-party collaboration.

In addition to the $12 million earmarked for Ohio, the PAC has allocated approximately $3 million each for advocacy efforts in support of U.S. Rep. Ruben Gallego (D-Ariz.) in Arizona and Rep. Elisa Slotkin (D-Mich.) in her Senate race in Michigan. These investments are aimed at fostering a sustainable bipartisan coalition and promoting consensus on responsible crypto and blockchain-focused regulation.

Fairshake's involvement in these races follows its recent announcement that it would be supporting 18 members of the House of Representatives in the November elections. These incumbents have demonstrated their support for cryptocurrencies during their time in office. The group's ads during its involvement in various primary races have not explicitly highlighted candidates' positions on crypto but rather emphasized their overall political stance.

Fairshake and its affiliated PACs, Protect Progress for Democrats and Defend American Jobs for Republicans, will also dedicate resources to digital ads specifically targeting cryptocurrency users. This marks a significant step for the crypto industry's PACs, as they rival other major U.S. industries and party funding in terms of financial contributions.

So far, Fairshake has focused on congressional races and has refrained from involvement in the presidential contest. The PAC has carefully divided its support across party lines, with its largest investment being $10 million towards derailing Rep. Katie Porter's (D-Calif.) Senate bid. This substantial investment underscores the crypto industry's growing influence and commitment to shaping political outcomes that align with its interests.

CoinDesk, an award-winning media outlet covering the cryptocurrency industry, reported on these developments. The organization operates independently with an editorial committee that upholds strict editorial policies. It's worth noting that CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation. The Bullish group, which owns CoinDesk, has significant holdings in digital assets, including bitcoin, and has interests in various blockchain and digital asset businesses.