According to local media, pro-cryptocurrency super PACS has donated $41 million to support Republican Bernie Moreno in his Ohio Senate race. His opponent, incumbent Sen. Sherrod Brown, is an outspoken critic of the industry.
This major investment is part of a larger strategy to systematically defeat cryptocurrencies’ biggest political opponents.
Cryptocurrency in Ohio Senate Election
Cryptocurrency has emerged as a key issue in Ohio's Senate race. Republican candidate Bernie Moreno has openly welcomed industry support, with pro-crypto investors contributing $41 million to his campaign in October, according to local reports. This influx appears to have increased support for Democrat Sherrod Brown.
The report further claims that the pro-cryptocurrency super PAC “Save American Jobs” accounted for nearly 10% of the total donations received by both candidates. The reason is obvious. This race goes beyond a simple partisan vs. neutral dynamic. Incumbent Sherrod Brown is a prominent advocate of anti-cryptocurrency initiatives in the Senate, in sharp contrast to pro-crypto candidate Bernie Moreno.
Read more: Cryptocurrency regulation: What are the advantages and disadvantages?
Recent studies show that US voters have growing bipartisan support for cryptocurrencies. Additionally, investors are pouring record amounts of money into the sector as the election approaches. Democratic leaders have also turned away from anti-crypto policies like Brown's and are trying to win back support from the bloc.
Additionally, Sherrod Brown currently chairs the Senate Banking Committee, which has significant influence over federal cryptocurrency policy. Mr. Moreno's victory may not put an ally in the position, but it will eliminate his enemies. Moreno sold his personal Bitcoin holdings before declaring his candidacy. [his] “It's very unfortunate,” said the longtime advocate.
“I'm proud that the industry supports me. By the way, they supported me because they agree with me, not because I agree with them. “If you find a random stranger, that person is more knowledgeable and better qualified to regulate cryptocurrencies than Sherrod Brown,” Moreno said.
Read more: Top US Cryptocurrency Exchanges in 2024
This targeted spending is just one element of a broader trend in political donations through cryptocurrencies. Another PAC, FairShake, manages Save American Jobs to fund Republicans and Defend Progress for Democrats. The group implemented a strategy of targeting outspoken crypto opponents on both sides. So Brown is one of several candidates in their sights.
FairShake is backed by major industry names like Coinbase and Ripple, and has no intention of slowing down. With one week left until the election, the group plans to continue donating tens of millions of dollars to defeat industry opponents.
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