Crypto Political Action Committees(PAC) has spent $40 Million to support Republican Bernie Moreno’s and oust Sen. Sherrod Brown (D-Ohio), the anti-crypto chairman of the Senate Banking Committee.
According to the Federal Election Commission filings, Fairshake PAC and its affiliates specifically Defend American Jobs, have gone beyond the initial $12 million the group announced at the beginning. Fairshake PAC was mostly funded by some of the crypto sector’s most prominent names, including Coinbase Inc., Ripple Labs and Andreessen Horowitz (a16z).
After PAC’s active support, Ohio voters too have shown major support for blockchain businessman Moreno.
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But Crypto PAC’s open support to oust Brown, who currently has control of a significant segment of the Senate’s crypto agenda have ruffled some feathers. Many crypto insiders believe if Brown wins, and the Senate remains under a Democratic majority, this open conflict could hurt the legislation prospects of the crypto industry.
However, if Brown loses, then Republicans might take the Senate majority, and Sen. Tim Scott (R-S.C.) potentially could become the next chairman. Even though Scott’s crypto stance has not been cleared for long, he was recently seen cheering on digital assets innovations at the Nashville Bitcoin 2024 event. He announced at the event, “We have to get rid of the folks who are in the way”. Also, Republicans, in general, have shown to be more receptive to crypto throughout their campaigns.
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Also Read: Kamala Harris Confirms Pro-Crypto Shift, Here’s What She Said
