The Ohio Senate race between incumbent Sen. Sherrod Brown (D-Ohio) and Republican Bernie Moreno is currently the most expensive race in U.S. history with a total of more than $400 million. There is.
The role of virtual currency will be central to this high-stakes election. The economic influence of supporters has sparked debates over regulation and transparency. Both sides have been vocal about what this means not only for Ohioans, but for the future of crypto regulation across the country.
Mark Hayes, senior policy analyst at Americans for Financial Reform and the advocacy group Demand Progress, expressed skepticism about the flow of funds from the cryptocurrency sector.
“This funding is an effort to punish politicians who seek to maintain strong regulatory standards,” Hayes said.
Moreno has received significant support from the cryptocurrency advocacy group Defend American Jobs super PAC. The PAC launched a $41 million ad campaign promoting him. Hayes has argued that this is all part of a broader push for more lenient crypto regulation in Congress, something Brown strongly disagrees with.
“They supported me because they agree with me, not because I agree with them,” Moreno said while campaigning in Columbus on Monday. , defended the support of cryptocurrency supporters. He also answered questions regarding his personal relationship with cryptocurrencies.
“Since I sold my Bitcoin, I didn’t want liberal reporters telling me this nonsense that I was a crypto supporter for financial gain,” Moreno claimed. “And the crypto community understands that this election is a threat to their existence here in America.”
Brown, who chairs the Senate Banking Committee, is a key figure in Congress advocating for stronger regulatory oversight of the cryptocurrency industry. He did not hesitate to address what he considered to be significant risks posed by digital assets.
“Fraud, fraud, outright theft. Large price movements in cryptocurrencies can result in significant losses,” Brown said. “They told us nothing about the high fees that crypto companies racked up. Without regulation, stablecoins could put our economy, payment systems, and hard-earned money at risk. be.”
With control of the Senate and unprecedented levels of funding, Ohio voters are seeing how digital currency supporters can shape the political debate.
Disclosure: Americans for Fiscal Reform donates to our fund for reporting on budget policy and priorities, campaign finance reform/Paul's money, and social justice. If you would like to help support news in the public interest, click here.
Get more articles like this by email
As Election Day approaches, the battleground state of Wisconsin is likely to see more visits from presidential campaigns from the two major parties.
It was also the site of a forum where popular historians connected past events to current debates over democracy.
Renowned presidential historian Doris Kearns Goodwin was a featured guest at a debate hosted by the United to Preserve Initiative held earlier this week in suburban Milwaukee. When asked about the current divide and how it compares to similar disruptions in U.S. history, Goodwin cited the Industrial Revolution, which had the same impact on society as the technology boom is having today. He pointed out that it was given to
“Globalization and the technological revolution have shaken up the economy, much like the industrial revolution in the early 20th century,” Goodwin explained. “Think about what we went through back then. It was really the first time there was a divide between rich and poor, and it was the first time people were moving from farms to cities in record numbers. did. “
She noted that it fueled resentment among smaller communities and paved the way for the urban-rural divide seen today. Goodwin said it takes leaders like former President Teddy Roosevelt, who have dealt with adversity in their own lives, to convey that remorse and soften the tone in a way that resonates with Americans of all backgrounds. He pointed out.
Goodwin later said that Lyndon Johnson suffered a heart attack while serving in the Senate. She said recovering from her medical scare inspired her to balance the pursuit of power with the need to serve the public.
“All of a sudden one day he woke up and said, “Shave your hair, I'm ready to come back.'' And he (the staff) said, “So what? What happened?'' And he (Johnson) said, “I was lying here thinking, what would happen if I died now, what would I be remembered for? I have a lot of power. We have accumulated and accumulated wealth, but have we really accomplished anything? ”Does it make a difference in people's lives? '' Goodwin said.
Mr. Goodwin emphasized that Mr. Johnson subsequently became passionate about promoting civil rights policies despite the disadvantages during his time as president. He noted that Johnson was known to sometimes yell at colleagues in humiliating ways, only to regret it the next day, and not without some hard lessons learned along the way. Conversely, she pointed out, Abraham Lincoln would write letters in anger, but would set them aside and never deliver them to their recipients, acting as a “cooling” tool.
Get more articles like this by email
As cryptocurrencies become more popular, they are also entering the political arena. As millions of dollars are poured into campaigns across the country, including here in Ohio, we wonder how this new wave of money will impact elections, and more importantly, what it means for voters. The question arises.
Mark Hayes, senior policy analyst for financial technology at the American Institute for Financial Reform, said it's important for Ohioans, as well as everyone across the country, to be aware of where their money comes from.
“A small number of wealthy individuals tied to the crypto industry are funneling unprecedented amounts of money into campaign spending to determine specific policy outcomes that help them continue to profit from fraud and predatory practices,” he said. “There is,” he warned.
Hayes highlighted concerns that the influx of cryptocurrencies could sway political decisions in favor of industry players. The FBI recently reported that more than $4 billion was lost to crypto-related fraud in 2023 alone. Supporters of cryptocurrencies, on the other hand, argue that they are a valuable tool for economic growth and suggest that they could help modernize the financial system. But critics warn that the current push for deregulation could expose consumers to fraud and financial instability.
On the other side of the conversation, while crypto advocates see potential benefits, some people in Ohio have expressed concerns about the influence large crypto donors could have on local elections. There is.
Melissa Cropper, president of the Ohio Federation of Teachers, offered a different perspective.
“Why are crypto people putting money into this election? Are they putting money into this election because they want their business to be unregulated? If that's the case, that's not what we want here in Ohio.” she questioned.
As money from the cryptocurrency industry flows into Ohio's elections, debate over how to regulate this relatively new technology is intensifying. While supporters point to the potential for job creation and financial innovation, critics worry that Ohioans will pay the price if regulations are loosened. The crypto industry has already spent $174 million nationwide on the 2024 election, and Ohio remains a key battleground in this debate.
Disclosure: Americans for Fiscal Reform donates to our fund for reporting on budget policy and priorities, campaign finance reform/Paul's money, and social justice. If you would like to help support news in the public interest, click here.
Get more articles like this by email
New Yorkers are reeling from the news that Mayor Eric Adams has been indicted on wire fraud, bribery and campaign finance crimes.
The charges center on whether the New York City leader received illegal foreign donations from the Turkish government for his mayoral campaign, as well as personal perks such as luxury travel and lodging.
Adams has vowed to stay in office and fight the charges despite growing calls for him to resign.
Danielle Coates, director of communications for the advocacy group Make the Road New York, said she feels the investigation supports claims of mismanagement during Adams' tenure, and that the mayor's actions during budget negotiations It cites the perception that immigrants are being used as scapegoats.
“The mayor has repeatedly used the costs the city incurs in supporting and admitting new immigrants to the city as a reason for the cuts,” Coates noted. “And throughout the budget process, we ended up reversing those cuts.”
Several City Hall commissioners have already resigned as part of corruption investigations or because they were impeded by corruption investigations.
Adams could choose to remain in office, but the city's charter gives Gov. Kathy Hochul the power to remove him. If Adams resigns, Jumaane Williams, the city's public defender, will become acting mayor. Williams will then have three days to set a special election to replace him.
Governor Hochul has not indicated any intention to fire Adams if he does not resign. But some community groups and public officials worry that Mr. Adams remaining in power could set back the city's progress on a number of fronts.
John Kaney, executive director of the Reinvent Albany group, said it may already be impacting city workers.
“It would be incredibly demoralizing to the city's workforce and result in significant productivity losses,” Kaney argued. “And it is the decline in service delivery that can hit the poor and most vulnerable hardest.”
While some have questioned the strength of the federal case against Adams, Caney believes it is certain. He said the case falls outside the scope of the U.S. Supreme Court's 2016 McDonnell v. United States decision, which narrowed the legal definition of public corruption and made it difficult to prove elected officials engaged in bribery. He said that.
Get more articles like this by email
