Crypto Super PAC Pours $40M into Ohio Senate Race: Who’s it Backing?

With the Ohio Senate race nearing its final stretch, the crypto industry is closely observing the contest between Democratic incumbent Sherrod Brown and Republican challenger Bernie Moreno. As the election approaches, the crypto Super PAC, Defend American Jobs, has poured $40 million into advertising to support Moreno’s candidacy.

This Ohio Senate race is seen as pivotal by both the crypto industry and national political analysts. According to Real Clear Politics, Brown currently has a slight edge in the race with 47.3% odds of victory, compared to Moreno’s 46.7%, according to Real Clear Politics data. The outcome could potentially have significant implications for the future of U.S. crypto regulation.

Bernie Moreno: Blockchain Advocate Backed By Crypto Super PAC

Bernie Moreno, a businessman and crypto advocate, is the Republican nominee aiming to unseat Brown. Moreno relocated to Ohio in 2005, where he quickly made a name for himself as president of the Collection Auto Group, a prominent car dealership company.

Under his leadership, the company consistently won accolades. These include a decade-long streak of earning the “Best of the Best” award and being named one of the “Best Places to Work” by the Cleveland Plain Dealer.

The Ohio Senate race, a key battle the #crypto industry has been watching closely, is heating up with just two weeks to go.

Pro-crypto super PAC Defend American Jobs spent $40M on ads in support of Republican candidate @berniemoreno. @RCPolitics polling also shows… pic.twitter.com/hzYCwpqEsf

— Eleanor Terrett (@EleanorTerrett) October 22, 2024

In 2019, Moreno shifted his focus away from the auto industry to concentrate on his blockchain startup, Ownum, which is aimed at digitizing property titles using blockchain technology. His deep involvement in the crypto sector has made him a natural ally of the industry, securing his backing from influential crypto advocates.

Moreno’s campaign has also been bolstered by an endorsement from former President Donald Trump. This endorsement has played a key role in galvanizing support within Republican circles, particularly among conservative voters who are skeptical of regulatory oversight.

Sherrod Brown: The Crypto Skeptic

On the other side of the aisle is Sherrod Brown, who has long held his Senate seat and has been a vocal critic of the crypto industry. Brown, who currently serves as the chair of the Senate Banking Committee, has consistently called for tighter regulations on digital assets, citing consumer protection as a priority. His stance has resonated with voters concerned about the risks associated with fraud and high-profile crypto firm collapses.

Although Brown has shown interest in crafting legislation to curb illegal uses of cryptocurrency, he has stopped short of supporting broader regulatory frameworks that would facilitate the industry’s growth. His reelection could mean continued resistance to the kind of pro-crypto policies that Moreno advocates.

Implications for Crypto and Senate Control

Beyond the immediate contest between Brown and Moreno, the outcome of this election could have wider ramifications for the U.S. Senate. Currently, the chamber is split 50-50, with Democrats holding a slim advantage thanks to Vice President Kamala Harris’s tie-breaking vote. If Moreno were to win, Republicans could regain control of the Senate, putting them in charge of key committees that would oversee future crypto legislation.

For the crypto industry, which has faced increasing regulatory scrutiny in recent years, a Republican-led Senate could present opportunities to advance more industry-friendly laws. The stakes in this election are high, not just for Ohio but for the future of crypto regulation in the U.S.

In addition to the Senate race, Real Clear Politics data shows former President Donald Trump with a 7-point lead over Vice President Kamala Harris in Ohio. Hence, there are strong chances of Republican candidate Moreno winning in the state as polls shift.

Also Read: Bitcoin Miners Back Trump & Cruz through New Pro-Bitcoin PAC