Jesse Hamilton is CoinDesk's deputy managing editor for global policy and regulation. He doesn't hold any crypto.
Money from the political action committees backed by such crypto firms as Coinbase and Ripple Labs is helping lift the Republican challenger against Sen. Sherrod Brown, who chairs the Senate Banking Committee where crypto bills have languished.
The colossal campaign spending from the cryptocurrency industry is showing up in dominant fashion in Ohio's U.S. Senate race, where its political action committees have devoted $40 million to support Republican Bernie Moreno's opposition of Sen. Sherrod Brown , the crypto-skeptical chairman of the Senate Banking Committee.
Since Fairshake weighed in last month, the sentiment of Ohio voters has shown a major leap for blockchain businessman Moreno. At the start of August, he was at 39.6% support in one industry poll of likely voters obtained by CoinDesk, compared with 48.3% for Brown. The latest polling by ActiVote shows MorenoA broader average of polling also suggests steady gains for Moreno, with a 2.
Super PACs like Fairshake are only able to target candidates with so-called independent expenditures – advertising and other services that have no direct affiliation with or approval from the campaigns. In some races, Fairshake has spent millions on negative ads to oppose candidates that don't support pro-crypto policies, but in this one, the ads are positive in bolstering Moreno, an Ohio businessman and crypto enthusiast who founded a blockchain startup that focuses on property titles.
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