Crypto’s Impact on the Ohio Senate Race
In a fiercely contested race for the U.S. Senate seat from Ohio, Republican candidate Bernie Moreno received a monumental boost in the lead-up to the election, thanks to a staggering $40 million from the cryptocurrency sector. This substantial financial support fueled a series of ads that blanketed the state, marking one of the most ambitious efforts by crypto firms to sway critical congressional races across multiple states.
On election night, Moreno’s efforts were rewarded as he triumphed over incumbent Senator Sherrod Brown, a Democrat and chair of the influential Senate Banking Committee, who has been a vocal advocate for stringent regulations on cryptocurrency companies. This victory was celebrated by the crypto community, with Tyler Winklevoss, a prominent crypto executive, proclaiming on social media, “The crypto army is striking.” Meanwhile, a representative from a leading crypto super PAC heralded the Ohio results in an email with the subject line: “Crypto’s big bet pays off.”
The cryptocurrency industry viewed this year’s elections as a watershed moment, investing tens of millions of dollars to back candidates who supported more lenient regulations for the sector. A super PAC known as Fairshake, along with two associated organizations, Protect Progress and Defend American Jobs, collectively spent approximately $135 million. This funding was largely sourced from prominent crypto companies like Coinbase and Ripple, as well as the venture capital firm Andreessen Horowitz, which has heavily invested in over 100 crypto startups.
Experts have characterized this spending spree as one of the most aggressive corporate political campaigns in recent history, and the results indicate it may have been a resounding success. According to a tracker managed by Stand With Crypto, an industry group that evaluates politicians based on their stance toward cryptocurrency, a total of 253 pro-crypto candidates were elected to the House of Representatives, significantly outpacing the 115 anti-crypto candidates. In the Senate, the results were similarly favorable, with 16 pro-crypto candidates winning their races compared to 12 anti-crypto candidates.
