The post Crypto cash fuels Republican Bernie Moreno’s victory in Ohio Senate race appeared on BitcoinEthereumNews.com.

Republican Bernie Moreno pulled off a major upset in Ohio, unseating Democrat Sherrod Brown in a Senate race flooded with millions in crypto money. Crypto PACs were all in on Moreno, with pro-crypto powerhouse Fairshake leading the way. They shelled out around $40 million in the fight to oust Brown, who’s had a tight alliance with SEC Chair Gary Gensler.  Gensler’s tenure has been a thorn in the side of the crypto industry, ramping up enforcement and keeping firms like Coinbase and Ripple in his regulatory crosshairs. Big crypto backers, including Coinbase and Ripple, and key figures like Andreessen Horowitz, backed Fairshake to get Moreno into office. And now, the payoff is here. Moreno’s bid was fueled by crypto dollars  The crypto industry put the weight of over $180 million into elections across the country, supporting both Republican and Democratic candidates. Industry donors backed candidates they believe could push for clearer rules and softer regulations. With this victory, the crypto sector may have found a test case for its influence in American politics. Moreno himself has been a staple in crypto circles. Born in Bogota, Colombia, he’s a big fan of the digital asset world and isn’t shy about it. He co-founded ChampTitles, a blockchain firm aimed at modernizing car title management by ditching paper titles. Though he recently sold his stake, Moreno’s crypto credentials are set. He’s locked horns with Senator Elizabeth Warren, who remains one of crypto’s biggest skeptics. While Warren held onto her seat in Massachusetts, Moreno’s win sends a clear message: crypto’s influence is growing, and it has no intention of playing small. Back in December, Brown brushed off industry pushback, telling Politico, “Bring ’em on.” This bravado didn’t hold up on election night. As of this morning, the Fairshake PAC and crypto backers are celebrating,…

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Filed under: News - @ November 6, 2024 1:23 pm