US Senator Sherrod Brown, a longtime crypto skeptic and chairman of the powerful Senate Banking Committee, lost his re-election bid in Ohio to Republican Bernie Moreno, delivering a significant victory to the crypto lobby after a campaign record investment.

Brown’s loss comes after Fairshake, a pro-crypto super PAC, invested an astonishing $40 million to unseat the influential Democratic incumbent, accounting for the largest share of its national budget.

The former Democratic incumbent received 2.4 million votes, or 46.1%, to Moreno’s 2.6 million, or a 50.5% share, according to the latest figures from The Associated Press.

His defeat represents a major setback for progressive allies like Brown, who has been a vocal critic of digital assets and their regulatory trajectory.

Fairshake’s investment helped the Ohio race become the second-costliest Senate race in U.S. history after adjusting for inflation, according to OpenSecrets. data.

The move underscored the crypto lobby’s determination to remove Brown as a perceived obstacle to pro-crypto policies.

The super PAC has spent some $133 million on 68 congressional elections across America this year, meaning that about 30 percent of Fairshake’s historic spending avalanche this cycle has gone exclusively to the elimination of Ohio’s senior senator.

“They wanted a scalp, and Brown was the scalp,” said Cody Carbone, president of The Digital Chamber, a major crypto lobbying organization. Decrypt Monday.

Carbone also said crypto companies view chairing the Banking Committee as critical to advancing their legislative goals, making Brown’s defeat the “ultimate prize” in a high-stakes election season.

While Ohio favors Trump by eight points, the state’s conservative leaning has given momentum to Moreno’s campaign.

Moreno, who campaigned in part on a pro-crypto program and attended blockchain conferences to highlight its commitment, presented itself as a loyal ally of digital assets earlier this year.

However, he has drawn criticism with controversial remarks on immigration and abortion, which some say could overshadow his appeal.

Brown’s loss also signals potential changes within the Democratic Party as key figures in Congress begin to adjust their positions on crypto regulation.

Although Brown stood firm on policies such as SAB 121an SEC rule limiting banks’ cryptocurrency custody services, intense lobbying efforts against it could find resonance in Washington as cryptocurrency advocates push for broader regulatory reform.

Edited by Sébastien Sinclair