The crypto industry has thrown its weight behind Bernie Moreno, a Republican candidate in the crucial Ohio Senate race, as part of a broader effort to influence U.S. legislative decisions that could shape the future of digital currencies.
Moreno, a former entrepreneur and blockchain advocate, has received over $38 million in contributions from major crypto companies, executives, and investors, according to federal records analyzed by The Washington Post.
The donations have fueled a wave of advertisements in Ohio promoting Moreno’s candidacy.
The ads, funded by a network of super PACs linked to the cryptocurrency sector, highlight Moreno’s commitment to job creation, combating illegal immigration, and protecting local families.
Despite the absence of any direct mention of the crypto industry’s involvement, these ads aim to sway Ohio voters in what has become a pivotal Senate contest.
Moreno Advocates for Responsible Reregulation
Moreno, 57, has been a vocal supporter of digital currencies.
He has also made appearances at industry events across the country, pledging to be a defender of the industry in Congress.
“Today, in the United States Senate, you don’t have people who know how to use email, and we’re asking them to regulate digital currencies,” Moreno told attendees at a crypto conference in Austin earlier this year.
He emphasized the need for lawmakers who understand the technology to avoid being swayed by special interests.
Ohio’s Senate race has become a flashpoint for the crypto industry, not because of widespread local interest in digital currencies, but due to Moreno’s opponent, Sen. Sherrod Brown (D), who currently chairs the Senate Banking Committee.
Brown has been a proponent of stricter regulations for the industry, making him a significant adversary for crypto advocates.
His position has drawn the ire of many in the crypto community, who view his regulatory stance as a threat to the industry’s growth.
Moreno’s campaign, while benefiting from the crypto industry’s support, has focused on broader issues.
The surge in spending by crypto-funded super PACs comes after the collapse of FTX, a major crypto exchange, in 2022, which spurred calls for increased oversight of the industry.
Crypto advocates argue that the sector is still nascent and requires a regulatory environment that fosters innovation rather than stifles it.
Crypto Industry’s Election Spending Reaches $119M
According to a recent report by the non-profit watchdog group Public Citizen, the crypto industry has contributed around $119 million to various political campaigns.
The report said that Coinbase and Ripple led the charge. The companies contributed more than 80% of the total donations.
The funds were primarily directed towards super PACs supporting pro-crypto candidates.
Historically, sectors like oil and banking dominated corporate election contributions. But the crypto industry is now outpacing them.
The Fairshake super PAC, a bipartisan group heavily funded by leading crypto companies, has emerged as one of the top spenders in this election cycle.
The PAC has raised approximately $169 million, with contributions from Coinbase, Ripple, venture firm Andreessen Horowitz, and Jump Crypto.
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