Ohio Senate Race Sees $41 Million Boost from Crypto Donors

According to local media, pro-crypto Super PACS have donated $41 Million to support Republican Bernie Moreno in the Ohio Senate Race. His opponent, sitting Senator Sherrod Brown, is an outspoken critic of the industry.

This major investment is part of a larger strategy to systematically defeat crypto’s biggest political opponents.

Crypto in the Ohio Senate Race

Cryptocurrency has emerged as a key issue in Ohio’s upcoming Senate election. Local reports indicate that Republican candidate Bernie Moreno has openly welcomed industry support, with pro-crypto investors contributing $41 million to his campaign in October. This influx appears to have bolstered his polling numbers against Democrat Sherrod Brown.

The report further claims that the pro-crypto Super PAC “Defend American Jobs” has accounted for nearly 10% of all donations received by both candidates combined. It’s clear why: this race goes beyond a simple supporter-versus-neutral dynamic. As the incumbent, Sherrod Brown has been a prominent advocate of anti-crypto initiatives in the Senate, setting up a stark contrast with pro-crypto candidate Bernie Moreno.

Read more: Crypto Regulation: What Are the Benefits and Drawbacks?

Recent studies have shown that the US electorate has a growing bipartisan support for the cryptocurrencies. What’s more, investors have put record inflows into the space as the election draws closer. Democratic leadership has also turned away from anti-crypto policies like Brown’s, and is trying to recoup support from this bloc.

Additionally, Sherrod Brown currently chairs the Senate Banking Committee, a position with significant sway over federal crypto policy. A victory for Moreno might not put a friendly candidate in the position, but it would remove a bitter enemy. Moreno sold his personal Bitcoin holdings before declaring candidacy “to [his] great dismay,” casting himself as a longtime advocate.

“I’m proud that the industry supports me. And by the way, the reason they supported me is because they agree with me, not because I agree with them. If you found a random stranger, they’re more knowledgeable and more qualified to regulate cryptocurrency than Sherrod Brown,” Moreno stated.

Read more: Top Cryptocurrency Exchanges in the US in 2024

This targeted spending is just one component in a broader trend of crypto political donations. Fairshake, another PAC, controls Defend American Jobs to fund Republicans, and Protect Progress for Democrats. This group has carried out a strategy of targeting outspoken crypto opponents on both sides. Therefore, Brown is one of several candidates in their crosshairs.

Fairshake has received funding from major industry names like Coinbase and Ripple, and it has no intention of slowing down its efforts. The election is one week away, and the group plans to continue donating tens of millions to knocking down the industry’s enemies.