Ohio’s Senate race in 2024 has seen a surge in crypto-backed spending, setting a new record for the current U.S. election cycle. With Election Day looming, both Democrat Sherrod Brown and Republican Bernie Moreno have collectively spent over $170 million on advertising. The latest development in this race is the launch of a $40.8 million television ad campaign by the pro-crypto super PAC, Defend American Jobs (DAJ), in support of Moreno.
The showdown between Brown and Moreno has sparked intense interest within the crypto community. Moreno, a Republican and the founder of a blockchain company, has been a staunch supporter of cryptocurrencies. This has resonated with crypto enthusiasts who see him as a potential advocate for the industry if elected.
On the other hand, Sherrod Brown, a Democrat seeking his fourth term, has consistently opposed cryptocurrencies. As the chair of the Senate Banking Committee, Brown wields significant influence over crypto regulation. His alignment with anti-crypto Senator Elizabeth Warren has further solidified his anti-crypto stance.
The DAJ PAC, backed by industry giants like Coinbase and Ripple, has thrown its weight behind Moreno with a massive TV ad campaign. The goal is to raise Moreno’s profile among Republicans and sway undecided voters in his favor. A spokesperson for DAJ stated that their investment has shifted the momentum in favor of a pro-crypto candidate, potentially altering the outcome of the race.
With over $130 million spent on crucial congressional races this election cycle, the DAJ PAC has emerged as the top spender in Ohio’s Senate race. Their efforts to promote a pro-crypto candidate reflect the growing influence of the cryptocurrency industry in shaping political landscapes.
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In conclusion, Ohio’s Senate race in 2024 has become a battleground for pro-crypto and anti-crypto candidates, with unprecedented levels of crypto-backed spending reshaping the political landscape. As Election Day draws near, the outcome of this race could have far-reaching implications for the future of cryptocurrency regulation in the United States.