In the heated 2024 Ohio Senate race, Bernie Moreno has emerged as an unexpected beneficiary of substantial cryptocurrency industry support. The Republican candidate, vying for a seat that could determine Senate control, has attracted over $38 million in backing from major crypto companies, executives, and investors.
This influx of crypto-related funding underscores the industry's growing political influence and its strategic efforts to shape future regulations. The support for Moreno is channeled primarily through a network of super PACs, which have inundated Ohio's airwaves with promotional advertisements.
Moreno, 57, presents himself as a crypto-savvy entrepreneur, promising to "lead the fight to defend crypto in the U.S. Senate." His opponent, incumbent Senator Sherrod Brown, chairs the Senate Banking Committee and has advocated for stricter oversight of the cryptocurrency sector.
The crypto industry's involvement in this race reflects its broader political awakening. Since 2022, when the collapse of FTX shook global markets, crypto firms have intensified their efforts to influence policy. They've contributed significantly to lawmakers, lobbied for favorable legislation, and financed super PACs to support crypto-friendly candidates.
Fairshake, a leading crypto-backed organization, along with its affiliates Defend American Jobs and Protect Progress, has amassed over $169 million for political spending. These groups have invested in 51 races, focusing on candidates who oppose harsh crypto regulations.
Moreno's campaign has benefited greatly from this support. Defend American Jobs has spent over $38 million on ads in Ohio, surpassing the candidate's own campaign expenditures. These advertisements, while not mentioning cryptocurrency, promote Moreno's background and policy positions.
The candidate's history with blockchain technology dates back to 2018 when he founded Ownum, a blockchain firm. He has been a vocal advocate for crypto, even claiming that the "Founding Fathers would have been bitcoiners."
Throughout his campaign, Moreno has attended numerous crypto-related events, including conferences in Washington, Austin, and Nashville. He has consistently argued for "regulatory certainty" in the crypto industry, echoing the sentiments of major lobbying groups.
"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. You need to have people who have a basic understanding, otherwise they're driven by special interest groups that will tell them, 'I need you to vote this way or that way.'"
The Ohio race has become a focal point for the crypto industry due to Brown's influential position and his skepticism towards digital currencies. The outcome could significantly impact the future of crypto regulation in the United States.
As the election approaches, the influx of crypto-related funding into Moreno's campaign highlights the industry's determination to influence policy through electoral politics. This strategy reflects the sector's rapid growth and its increasing stake in regulatory outcomes.
The cryptocurrency landscape has evolved dramatically since Bitcoin's inception in 2009. With over 10,000 different cryptocurrencies now in existence and a market capitalization that has exceeded $1 trillion, the industry's political engagement mirrors its economic significance.
This political maneuvering occurs against a backdrop of ongoing debates about cryptocurrency's role in the financial system, its environmental impact, and its potential for both innovation and risk. As countries worldwide grapple with how to regulate this emerging technology, elections like the Ohio Senate race may play a crucial role in shaping the future of digital finance.