Democrat Sherrod Brown won the U.S. Senate election in Ohio despite more than $60 million spent by cryptocurrency political committees to defeat him. This marked the most significant setback for the crypto industry in the current election, Channel NewsAsia reports.

Spending did not change the outcome

Overall, the crypto industry spent around $200 million on the election. Although it won most of the races in which it backed candidates, several costly defeats raised questions among lobbyists about the choice of political allies.

The Ohio race was among the most expensive in Senate history. It was seen as a test of the crypto sector’s…