- Crypto-backed spending in Ohio’s Senate race has exceeded $170 million, the highest in the 2024 U.S. election cycle.
- Pro-crypto super PAC Defend American Jobs has invested $40.8 million in ads backing Republican Bernie Moreno.
- Democrat Sherrod Brown, an anti-crypto advocate, faces significant opposition from pro-crypto forces in his bid for a fourth Senate term.
Crypto-backed spending in Ohio’s Senate race has surged to unprecedented levels, becoming the highest in the 2024 U.S. election cycle. With Election Day fast approaching, spending on candidates from both major parties has soared. So far, over $170 million has been invested in advertising, targeting both Democrat Sherrod Brown and Republican Bernie Moreno.
Notably, the rise in spending is largely driven by the involvement of pro-crypto super PAC, Defend American Jobs (DAJ). This organization has recently launched a $40.8 million television ad campaign in support of Moreno.
Currently, the DAJ PAC is the largest spender in the Senate race, aiming to secure a favorable outcome for Moreno and increase his chances of winning. This has captured significant attention from the U.S. crypto industry, which is closely watching the impact of this financial backing.
Crypto Industry’s Involvement and Moreno’s Growing Influence
Moreno, a Republican and founder of a blockchain company, has emerged as a vocal advocate for cryptocurrencies. His pro-crypto stance has drawn substantial interest from major players in the industry, who see him as a potential ally if elected to the Senate.
Moreover, Moreno’s influence on the race has continued to grow as the crypto-backed PAC amplifies his profile through a targeted ad blitz. The DAJ PAC, supported by crypto industry giants such as Coinbase and Ripple, has invested over $130 million in key congressional races during this election cycle.
Consequently, Ohio’s Senate race has become a focal point, with significant resources poured into the effort to secure Moreno’s win. The backing from these crypto giants underscores the industry’s desire for a candidate who will support policies favorable to digital currencies.
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Brown’s Opposition and the Regulatory Debate
On the other side of the race, incumbent Democrat Sherrod Brown presents a stark contrast to Moreno. Brown, who is seeking his fourth Senate term, has consistently opposed cryptocurrencies.
In addition, his position as Chair of the Senate Banking Committee gives him influence over legislation concerning digital currencies. Brown’s alliance with anti-crypto Senator Elizabeth Warren has further solidified his stance against the industry, making the Ohio Senate race a battleground for opposing views on crypto regulation.
Besides, pro-crypto advocates view the outcome of this race as crucial, with potential regulatory shifts at stake depending on the election’s result. Through its significant investment in the race, DAJ has made clear its intention to influence undecided voters and secure a win for Moreno.
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