Ohio Sen. Sherrod Brown's defeat in the $40 million campaign marks a victory for Bitcoiners.

• Sherrod Brown, the Democratic incumbent, was defeated by Republican Bernie Moreno, a blockchain entrepreneur, in the Ohio Senate race.
• The crypto industry spent $40 million on the hotly contested Senate race.
• Brown was a top target of crypto money.

The Ohio Senate race has seen Bernie Moreno, a blockchain entrepreneur, emerge victorious over three-term incumbent Sherrod Brown, in a contest that was pivotal in the struggle for Senate control in the United States.

A PAC spent $40 million in crypto money to defeat Brown, and another PAC paid for five ads promoting Moreno, a luxury car dealer with little name recognition, in the contest.

The Ohio Senate race was a crucial test for the effectiveness of the more than $245 million raised by the crypto industry this election cycle.

Elizabeth Warren's support for holding hearings on digital tokens being tied to terrorism made Brown unpopular among crypto fans. He also voted against pro-crypto legislation, advocated for more regulation of the sector, and frequently posted anti-crypto comments on social media.

Chris Larsen, Ripple's billionaire co-founder, stated on CNBC Tuesday night that the loss of Brown is a result of President Biden's decision to outsource financial regulation to Senator Warren.

"Although I'm feeling sad tonight, I won't be giving up," Brown stated Tuesday evening.

In December, Brown stated that he was not worried about the crypto industry's criticisms of him.

Last year, Brown told a group of reporters, "Bring 'em on."

His antagonists are now taking a victory lap.

Tyler Winklevoss, a prominent individual crypto contributor this election cycle, labeled Brown as a "crypto public enemy," a "co-conspirator" with Sen. Warren, and a "Gary Gensler crony," referring to the SEC chair, in a post on X. He declared, "The crypto army is striking!"

CEO Brian Armstrong is equally excited.

In a post to X, Armstrong stated that the crypto voter has made a clear decision tonight, with support spanning party lines and significant impact in crucial races across the country.

More than 219 crypto-friendly candidates were elected to the House and Senate, making Armstrong label the Congress as the "most pro-crypto ever."

The "Live election results" lander launched by Coinbase's Stand With Crypto Alliance has shown that 224 pro-crypto candidates have been elected to the House, while 106 anti-crypto candidates have won. In the Senate, 14 pro-crypto candidates have been elected, and nine anti-crypto candidates have been victorious.

NBC News hasn't yet called all of these races.

Coinbase and its affiliated PACs received more than $75 million in funding from Coinbase, including a new pledge of $25 million to support the group in the 2026 midterms. Armstrong was one of the top individual donors in crypto, contributing over $1.3 million to a variety of candidates across the political spectrum.

Gensler and Coinbase have been engaged in a legal battle for over a year regarding allegations that Coinbase sells unregistered securities.

The Commodities Future Trading Commission has traditionally been more lenient in regulating the crypto industry, and the industry hopes that a pro-crypto Congress will delegate more regulatory responsibilities to this commission.

"We are excited to collaborate with the new Congress to establish clear guidelines for digital assets, as Americans disproportionately prioritize crypto," Armstrong stated. "Thank you to all those who supported crypto today. We achieved our goal!"

On Tuesday night, the Fairshake affiliated PAC Defend American Jobs released a statement saying that Brown is a "top opponent of cryptocurrency."

The group stated that Senator-Elect Moreno's surprise victory demonstrates Ohio voters' preference for a leader who prioritizes innovation, safeguards American economic interests, and will maintain the country's technological edge.

The political victories were reflected in the market.

Earlier Tuesday, the NBC News Decision Desk projected a good night for Republican nominee Donald Trump, causing the stock to surge to a new record above $75,000.

— CNBC's Ece Yildirim contributed to this report.