A shadowy influx of over $38 million from cryptocurrency firms, executives, and investors is flooding Ohio’s Senate race, aiming to elevate Republican candidate Bernie Moreno to Capitol Hill. The aggressive campaign is part of a national effort by the crypto industry to influence Congress and stave off potential regulatory measures that could impact the sector’s growth.
Ohio voters have been bombarded with ads championing Moreno, who is running for U.S. Senate. But these aren’t typical campaign ads; they’re financed by cryptocurrency groups that see Moreno as a key ally in their fight against regulation. The ads paint a glowing picture of Moreno’s policies, with promises of job creation, securing borders, and protecting local families, but they omit a significant detail—the funding comes from the crypto industry.
A Washington Post analysis revealed that more than $38 million has been funneled into Moreno’s campaign through a network of obscurely named super PACs. These groups, supported by major crypto players, are hoping to fend off regulations and protect their interests by backing candidates who share their vision.
For Moreno, this burgeoning relationship is a symbiotic one. The 57-year-old former entrepreneur and cryptocurrency enthusiast has publicly vowed to lead the charge in defending digital currencies in the U.S. Senate. His knowledge of blockchain technology and past ventures in the crypto space have made him a darling of the industry.
“Today, in the United States Senate, you don’t have people who know how to use email, and we’re asking them to regulate digital currencies,” Moreno told a crowd of crypto supporters earlier this year. “You need to have people who have a basic understanding, otherwise they’re driven by special interest groups that will tell them, ‘I need you to vote this way or that way.’”
Though cryptocurrency is not a primary concern for many Ohio voters, it has become a central issue in the Senate race due to Moreno’s opponent, Senator Sherrod Brown (D), who chairs the Senate Banking Committee. Brown has been a vocal proponent of stricter regulation on the cryptocurrency industry, making him a target for the sector’s lobbying efforts.
“Unlike Sherrod Brown, who doesn’t know the difference between blockchain and a chainsaw, Bernie has a deep understanding of the technology,” said Reagan McCarthy, a spokeswoman for Moreno. She noted that approximately 2 million Ohioans own some form of cryptocurrency.
Brown’s campaign, however, sees this flood of crypto money as a threat to ordinary voters. “Outside groups are spending record amounts to try to defeat Sherrod because they know he will always fight for Ohio, not special interests,” said Reeves Oyster, a spokeswoman for the Brown campaign.
The crypto industry’s involvement in the Ohio Senate race underscores its growing influence in national politics, just two years after the collapse of FTX shook the sector to its core. Crypto magnates, including Coinbase and Ripple, have spent heavily to influence races across the U.S., and their sights are set on Ohio as a critical battleground.
“This is an industry that’s new, lightly regulated [and] doesn’t want to be regulated,” said Ian Vandewalker, senior counsel at the Brennan Center for Justice. “They are very much trying to use election spending to affect federal policy in a way that will help their bottom line.”
In Ohio, super PACs led by the crypto-backed Fairshake network have been relentless, outspending Moreno’s own campaign and airing ad after ad promoting the GOP candidate. The aim is clear: to replace Brown with Moreno, a self-proclaimed advocate for cryptocurrency, in what could be one of the most expensive Senate races in the country.
“It’s really a double win for the crypto industry if they push Moreno over the finish line,” said Christopher Devine, a professor of political science at the University of Dayton. “They have a strong advocate in him,” while simultaneously ousting a regulator like Brown.
As the election draws nearer, crypto-backed super PACs are expected to ramp up their efforts, potentially turning the Ohio Senate race into a referendum on the future of cryptocurrency regulation in the U.S. While Moreno’s ties to the crypto industry remain largely under the radar in his public appearances, the industry’s financial backing could play a crucial role in determining whether he succeeds in flipping the Senate seat.
Ohio’s Senate race is shaping up to be a high-stakes contest, not only for the candidates involved but also for the future of cryptocurrency regulation in America.
