Crypto PACs Spend $40M to Support Bernie Moreno in Ohio Senate Race
In a dramatic shift, the Ohio Senate race has seen over $40 million poured in by crypto-backed political action committees (PACs) to support
Arslan Butt•Friday, September 27, 2024•2 min read
In a dramatic shift, the Ohio Senate race has seen over $40 million poured in by crypto-backed political action committees (PACs) to support Republican challenger Bernie Moreno.
The crypto industry’s PACs, led by Fairshake and its affiliates, have outpaced other industries in spending to back Moreno, a blockchain businessman, in his race against incumbent Sen. Sherrod Brown, the chairman of the Senate Banking Committee.
Brown, a vocal crypto-skeptic, faces increasing pressure as Moreno gains traction in the polls. The latest data shows Moreno now holds a slight lead with 51% support, compared to Brown’s 49%. Moreno’s rise in the polls coincides with Fairshake’s aggressive spending, which includes advertising campaigns aimed at elevating his profile among Ohio voters.
Crypto Industry Aims to Influence Policy
The cryptocurrency industry’s heavy involvement in this race reflects its desire to influence legislative policy. Should Moreno win, it could shift the balance of power in the Senate and impact future crypto regulations. Brown has been a roadblock for pro-crypto legislation, and his defeat could open the door to more favorable policies. Some insiders have expressed concern that ousting Brown could backfire if the Senate remains under Democratic control, potentially hurting the industry’s standing with the current leadership.
Moreno, who founded a blockchain startup, has emerged as a strong proponent of cryptocurrency, and his rise could bring a significant ally for the industry in Congress.
What’s at Stake if Republicans Win the Senate
If Brown loses, the Republican Party could take control of the Senate, positioning Sen. Tim Scott (R-S.C.) as a potential new chairman of the Senate Banking Committee. Scott has recently expressed support for crypto innovation, signaling a friendlier approach toward digital assets. This could accelerate legislative efforts favorable to the crypto industry, which is keen on having allies in powerful positions.
Key Insights:
- Over $40M from crypto PACs has been spent to support Bernie Moreno in Ohio.
- Moreno now leads incumbent Sherrod Brown in the polls, with 51% to Brown’s 49%.
- If Republicans win, pro-crypto Sen. Tim Scott could head the Senate Banking Committee.
The Ohio Senate race may become a pivotal moment for the future of crypto regulation in the U.S. as pro-crypto candidates gain influence in Congress.
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
Related Articles
Save
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals