Crypto’s millions yield win as Moreno takes Ohio Senate race

A major win for crypto companies that had funnelled millions of dollars into his campaign.

Republican Bernie Moreno unseated the incumbent Democrat in Ohio’s senate race, a major win for crypto companies that had funnelled millions of dollars into his campaign.

Moreno, a car dealer and blockchain entrepreneur, defeated Sherrod Brown late on Tuesday, putting the GOP on track for a Senate majority. Brown, a crypto sceptic and the chairman of the Senate Banking Committee was one of the most high-profile Democrats vying for election.

ADVERTISEMENT CONTINUE READING BELOW

Read: Trump wins 2024 US presidential election

Pro-crypto super PAC Fairshake spent some $40 million to defeat Brown in one of its priority races. Brown is an ally of Securities and Exchange Commission Chair Gary Gensler, who led the agency in a crackdown on the crypto sector over the past few years. Donors to Fairshake — one of the most powerful PACs in Washington — include Coinbase Global Inc., Ripple Labs Inc. and the founders of Andreessen Horowitz.

Moreno’s race was a crucial test of whether the more than $180 million donated by the crypto industry to candidates on both sides of the aisle this election cycle had been well spent.

The sector poured unprecedented amounts of funding into the campaigns of candidates viewed as more likely to pass cypto-friendly laws. The SEC has been engaging in litigation with firms including Coinbase and Ripple, where it’s argued that existing financial rules also apply to crypto.

Born in Bogota, Colombia, Moreno has been a longtime supporter of crypto and a regular attendee at industry conferences. In 2018 he co-founded blockchain firm ChampTitles, which aims to eliminate the need for states to issue paper titles for cars. He recently sold his stake in the company, according to his website.

Moreno has also clashed with Elizabeth Warren, one of the Senate’s most prominent crypto sceptics, who was reelected in Massachusetts, according to the Associated Press.

Forever politicians like Sherrod Brown and Joe Biden don’t understand the first thing about crypto and are totally unqualified to regulate it. They are obsessed with destroying crypto because they hate American innovation.

Read: Bitcoin hits record as pro-crypto Trump wins presidency again

ADVERTISEMENT: CONTINUE READING BELOW

A large number of pro-crypto candidates have been elected to Congress so far, according to data from the Stand with Crypto Alliance advocacy group. More than 240 pro-crypto candidates had won seats in the House of Representatives, while 15 were elected to the Senate as of 10:53 a.m. in London.

“Welcome to America’s most pro-crypto Congress ever,” said Coinbase Chief Executive Officer Brian Armstrong, commenting on Moreno’s victory in a post on X.

Bitcoin jumped to a record high on Wednesday, part of a wave of trades across global markets as Donald Trump was elected the 47th president of the United States. The largest digital asset rose as much as 9% to peak at $75,371.67 before retreating slightly.

© 2024 Bloomberg

Follow Moneyweb’s in-depth finance and business news on WhatsApp here.