The cryptocurrency sector has notched a notable milestone in the just-concluded U.S. election, with more than 90% of industry-backed candidates sweeping through Congressional races.

The performance comes after crypto Political Action Committees (PACs) raised more than $238 million for the candidates through corporate contributions and personal donations from major players in the space.

Impressive Wins, Few Losses

According to Fox Business journalist Eleanor Terrett, with most vote counting done, Fairshake and its affiliated PACs, Protect Progress and Defend American Jobs, have secured victories in 52 races, suffered one general election loss, and faced four defeats during primaries.

Additionally, vote counting is ongoing in five races. Three crypto candidates are reportedly losing, while two are leading in their respective polls.

One of the most significant wins for the crypto PACs was the ouster of digital asset critic Sherrod Brown, who lost in Ohio to blockchain entrepreneur Bernie Moreno. Brown, who until his defeat was the Senate Banking Chair, was undone by a $40 million campaign that saw one PAC pay for five prime-time ads to boost Moreno’s visibility.

While he had initially dismissed the threat of the crypto industry’s support for Moreno, Brown was left ruing his stance after the relatively unknown luxury car dealer beat him by more than 211,000 votes to clinch the Ohio Senate seat.

Among the setbacks was the high-profile defeat of Democratic incumbent Dr. Yadira Caraveo in Colorado’s 8th District. Fairshake reportedly invested more than $2 million in supporting her campaign, but GOP challenger Gabe Evans emerged victorious.

The Republican, who Stand With Crypto’s website had marked as having “no stance on crypto,” beat the “strongly” pro-crypto Caraveo by about 2,500 votes. According to Terrett, the congresswoman conceded her race to Evans wit