The cryptocurrency industry has rallied behind Bernie Moreno, a Republican candidate in Ohio’s critical Senate race. This support is part of a broader effort to influence U.S. legislative decisions. These laws could shape the future of digital currencies.
Moreno, a former entrepreneur and blockchain advocate, has received over $38 million in contributions. Major crypto companies, executives, and investors are among the key contributors. These details were revealed in federal records analyzed by The Washington Post. As a result, a wave of advertisements has spread across Ohio to boost Moreno’s campaign.
Super PACs Fund Pro-Moreno Advertisements
These ads are financed by super PACs linked to the cryptocurrency sector. They focus on Moreno’s key issues, such as job creation, reducing illegal immigration, and protecting Ohio families. Although they do not directly mention the crypto industry, the aim is clear. They want to influence Ohio voters in this pivotal Senate contest.
Moreno Champions Responsible Crypto Regulation
At 57, Bernie Moreno is a strong advocate for digital currencies. He has attended many industry events nationwide, pledging to support the crypto sector in Congress. Earlier this year, he spoke at a crypto conference in Austin. There, he stressed the need for lawmakers who understand digital technology. He mentioned that some senators lack basic skills, like using email, which hinders their ability to regulate digital currencies effectively.
Ohio’s Senate race is a key battleground for the crypto industry. However, it is not due to a high local interest in digital currencies. Instead, it is because Moreno’s opponent, Senator Sherrod Brown (D), is involved. Brown, as chair of the Senate Banking Committee, supports stricter regulations on cryptocurrency. His position has made him a major adversary for the crypto community. They view his policies as a threat to the industry’s growth.
Crypto-Funded Super PACs Ramp Up Spending After FTX Collapse
The increase in spending by crypto-backed super PACs followed the collapse of FTX, a major exchange, in 2022. This event led to calls for stronger oversight of the industry. However, crypto advocates argue the sector is still young. They believe it needs regulations that encourage innovation, not stifle it.
Crypto Industry’s Political Contributions Reach $119 Million
A report from Public Citizen, a non-profit watchdog, revealed that the cryptocurrency sector donated about $119 million to various political campaigns. Coinbase and Ripple led the way, accounting for more than 80% of the total donations. These funds mostly supported super PACs backing pro-crypto candidates.
In the past, industries like oil and banking dominated corporate contributions. However, the crypto industry has surpassed them in political spending. The Fairshake super PAC, funded by leading crypto companies, is one of the biggest spenders in this election cycle. It has raised around $169 million, with contributions from Coinbase, Ripple, Andreessen Horowitz, and Jump Crypto.
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