Crypto fans are celebrating the results of the Ohio Senate race, where blockchain entrepreneur Bernie Moreno has defeated Senate Banking Chair Sherrod Brown, a three-term incumbent, in a contest that was key in the battle for control of the U.S. Senate.
Some $40 million of crypto money was directed at defeating Brown, with one PAC paying for five ads designed to boost awareness of Moreno, a businessman who worked as a luxury car dealer and had virtually no name recognition going into the contest.
The race was also a litmus test for whether the more than $245 million raised by the crypto industry this cycle would prove effective at the ballot box.
The Ohio contest drew more ad spending than any Senate race in history, and was the biggest single target of crypto money this cycle.
Brown was unpopular with crypto fans, in part because he backed Sen. Elizabeth Warren, D-Mass., in holding hearings on whether digital tokens were tied to terrorism. He voted against pro-crypto legislation, called for more regulation of the sector, and regularly posted anti-crypto rhetoric on social media.
Ripple’s billionaire co-founder Chris Larsen told CNBC Tuesday night that Brown’s loss is “more fallout from the disastrous decision by President Joe Biden to outsource financial regulation to Sen. Warren.”
“Tonight I’m sad, but I’m never giving up,” Brown said in brief concession remarks Tuesday evening.
In December, Brown told journalists that he wasn’t concerned about the crypto industry’s rumbling…
In a post on X, Winklevoss wrote, “The crypto army is striking!”
Read more.Here are the top political news stories for today.
This is a HUGE win for crypto! Finally, someone in Congress who isn’t out to kill our future. Moreno might be new to politics, but he’s the kind of outsider we need to fight off all this anti-crypto nonsense from Brown and Warren. They never understood that crypto is about freedom and innovation.
Brown and Warren represent the old way of thinking. I don’t want the government policing where I put my money or telling me that crypto’s dangerous. Moreno’s win is a step toward true financial freedom and the right for Americans to invest without a nanny-state watching over them.
This whole thing feels slimy. Brown fought for Ohio’s families, and he actually cared about stopping financial scams. These crypto PACs rolled in with millions, bought ads, and now they own a Senate seat. What’s Moreno really going to do for Ohio? I doubt he’s thinking about families struggling with real economic issues.
I don’t get the appeal of crypto candidates like Moreno. This was about money, plain and simple. The crypto industry poured in millions, and now they’ve bought themselves a Senate seat. What about the people who actually need protections against these risky assets? Brown stood up for the working class; Moreno stands up for billionaires.
@PaellaEllaNo Labels1yr1Y
I’m not into crypto, but I voted for Moreno because Brown felt out of touch with folks like me. Yeah, I heard he was against crypto, but his bigger issue was ignoring Ohio’s working class. Moreno at least promised to bring jobs and isn’t stuck in the D.C. bubble. It’s a gamble, sure, but it can’t be worse than what we had.
@9ZCBBJR 1yr1Y
I get where you're coming from, and I can respect your frustration with Brown and the political establishment. A lot of people feel like the system has been ignoring their needs, especially when it comes to jobs and economic opportunities. From a Bitcoiner's perspective, though, it's not just about one candidate or the other—it's about the system as a whole.
Bitcoin represents an opportunity to break free from that same old establishment and the central control that leaves everyday people behind. It's a way to put power back in the hands of individuals, allowing… Read more
The anti-crypto crowd never got it! Blockchain isn’t just about money; it’s about decentralizing power and democratizing finance. Brown couldn’t grasp that and aligned himself with folks like Warren who are all about government control. Moreno winning shows that people want tech innovation, not fearmongering
Not so fast. Sure, crypto folks are celebrating, but I’m concerned. There’s a reason Brown and Warren were tough on crypto—this industry is still the Wild West. The lack of regulation is a problem, and letting it run unchecked could lead to another financial disaster. Moreno winning just means more volatility, more bubbles.
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