Crypto Spending Powers Ohio’s Senate Race in Tight Battle Between Brown and Moreno
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With US Election Day just around the corner, big money from the crypto world is stirring up Ohio’s Senate race between current Democratic Senator Sherrod Brown and Republican challenger Bernie Moreno. Both candidates are neck and neck, and crypto supporters are hoping their investment will tip the scales.
Pro-Crypto Super PAC Dominates Ad Spend
The pro-crypto group Defend American Jobs (DAJ) funded by major crypto companies like Coinbase and Ripple, has spent a massive $40.8 million television ad campaign aimed at boosting Moreno’s image among Republicans and doubtful voters.
NEW from me: Pro-crypto super PAC becomes largest spender in Ohio Senate race
This latest ad spend makes Defend American Jobs, which is funded by major crypto companies like @Coinbase and @Ripple, the biggest spender in the Ohio Senate race so far. https://t.co/wxUJdnkrka
— Eleanor Terrett (@EleanorTerrett) October 9, 2024
However, this spending has made DAJ the largest financial force in the Ohio Senate race to date, contributing to a total of over $170 million in advertising for both candidates.
DAJ’s financial push is part of a larger effort from pro-crypto PACs, which have collectively spent over $130 million on congressional races this election cycle.
According to a DAJ spokesperson, the goal is to position a pro-crypto candidate for victory in what has traditionally been a challenging landscape for the industry. Before DAJ’s involvement, Brown was leading the race, but the super PAC’s extensive campaign has reportedly shifted momentum.
Brown vs. Moreno: Opposing Views on Crypto
Moreno, a blockchain entrepreneur, supports the crypto industry and could bring pro-crypto views to the Senate.
In contrast, Brown has been a strong critic of digital assets, advocating for strict regulations. He currently chairs the Senate Banking Committee, where he influences laws related to digital currencies and the work of regulators like the SEC.
Brown’s alliance with anti-crypto Senator Elizabeth Warren has also made him a big opponent of the crypto industry.
Beyond Crypto: A Republican Shift
Beyond crypto, this race is a major chance for Republicans to gain a seat in a state that has been shifting more Republican in recent years. For crypto supporters, helping Moreno win means getting a strong voice in Congress for digital assets, potentially easing regulations on the industry.
With millions of dollars in play, Ohio’s Senate race could have a huge impact on both the political landscape and the future of crypto policy in Washington.