Crypto money is pouring into the state of Ohio to defeat Democrat Senator Sherrod Brown. Seen as a winnable seat by Republicans, Senator Brown is currently the Chairman of the Senate Banking Committee and widely known as someone who is anti-crypto and against Fintech in general. While multiple bills have arrived at his Committee that seek to regulate crypto and address other issues, such as access to capital and support of smaller firms, Senator Brown is recognized as chairing a Committee where good legislation goes to die.
In a recent report on CNBC, it was noted that over $40 million has been provided by a pro-Crypto PAC to support Brown’s challenger – Bernie Moreno. A former successful auto dealer, Moreno has been active in the blockchain sector in his home state. For several years he bankrolled an event called “BlockLand” that sought to support blockchain startups in Ohio.
Spectrum News says the Super PAC Defend American Jobs, backed by Fairshake – bankrolled with crypto money, has invested $40.1 million in the race to support Moreno.
Axios reports that Moreno is now leading Brown by 3 points, according to internal polling. Moreno has acknowledged that the crypto money is making a difference in his push to oust Senator Brown, who has been camped in the Senate for over 15 years. Brown defends his position with the traditional big government, investor protection at all costs, approach to innovation.
It is interesting to note that both Presidential candidates have connected with the crypto industry in an attempt to gain their support. Former President Donald Trump has vocally supported digital assets. Vice President Kamala Harris has been late to the game but recently said she will support crypto innovation. This leads to the appearance that Senator Brown is out of step not just with Ohio voters but also with his own party, which is trying to schmooze the crypto industry and its supporters. In the end, Brown’s intransigence may help Republicans take the Senate, which the Democrats barely control.
