Crypto lobbyists are reportedly engaged in a fierce struggle for influence in Ohio, as prominent super PACs aim to sway Congress ahead of the upcoming elections.
A coalition of crypto super PACs has invested a staggering $38 million in Ohio, working to secure a U.S. Senate seat for Republican Bernie Moren, according to a report by the Washington Post. Moren is vying against incumbent Sherrod Brown, who has been labeled as “strongly anti-crypto” by the Coinbase-supported advocacy organization, Stand With Crypto. Brown opposed the reversal of SAB 121 and has accused cryptocurrencies of facilitating funding for Hamas.
During a gathering of crypto advocates in Austin, Moren remarked, “Currently, in the United States Senate, there are individuals who lack a basic understanding of email, yet we expect them to regulate digital currencies… It’s crucial to have lawmakers who grasp these concepts; otherwise, they become susceptible to special interest groups pressuring them to vote one way or another.”
A representative for Moren emphasized that he possesses a “profound understanding” of cryptocurrency technology, contrasting this with Sherrod Brown, whom she claims “can’t distinguish between blockchain and a chainsaw.”
Rolling Stone recently revealed that crypto political organizations are set to allocate $32 million between August 22 and the end of September to bolster Moren’s campaign.
Funding for the race is also being funneled through a group named Defend American Jobs, which Rolling Stone identifies as “essentially a subsidiary” of Fairshake, a political action committee focused on cryptocurrency and backed by Coinbase, Ripple, and Andreessen Horowitz.
Sherrod Brown has publicly criticized the digital asset industry on numerous occasions. In late 2022, he characterized the crypto market as a “complex, unregulated pool of money.” He stated, “For much of my eight and a half years in this role as chair of the Banking, Housing, and Urban Affairs Committee, I’ve been educating my colleagues and the public about the risks crypto poses to our national security and the consumers who fall victim to it.”
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