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Crypto-backed political spending could pay off in Ohio’s crucial Senate race with just under a month to go until Election Day, FOX Business has learned.
As the race between incumbent Democratic Sen. Sherrod Brown and Republican challenger, businessman Bernie Moreno, narrows, pro-crypto super PAC Defend American Jobs has rolled out a $40.8 million TV ad blitz designed to boost Moreno’s image among Republicans and undecided voters.
“Before our investment, one of the leading anti-crypto senators was on his way to victory,” a spokesperson for Defend American Jobs told FOX Business. “Now a pro-crypto leader is in a position to win.”
Ohio Senate candidates Bernie Moreno, a Republican, left, and Senator Sherrod Brown, a Democrat, right. (Getty Images)
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This latest ad spend makes Defend American Jobs, which is funded by major crypto companies like Coinbase and Ripple, the biggest spender in the Ohio Senate race to date and represents a portion of the more than $130 million dropped in key congressional races by pro-crypto super PACs this election cycle, according to DAJ.
The race between Brown and Moreno is also shaping up to be one of the most expensive of the election cycle, with more than $170 million spent on ads for both candidates so far.
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The competition has received a lot of attention from the US crypto industry. Moreno, a proponent of digital assets and founder of a blockchain company, could help shape digital asset policy in the Senate if elected. In contrast, Brown, an outspoken critic of cryptocurrencies, has consistently advocated for greater oversight of the sector and has voted against legislation seen as beneficial to the $2 trillion industry.
Brown, who is seeking his fourth term in the Senate, also chairs the Senate Banking Committee, which oversees issues related to digital assets, as well as the proclaimed crypto regulator, the Securities and Exchange Commission. Brown is also an ally of powerful progressive anti-crypto Senator Elizabeth Warren.
Sen. Elizabeth Warren, D-Mass., speaks during a Senate Banking Committee hearing on Capitol Hill on June 13, 2023 in Washington, D.C. (Michael A. McCoy/Getty Images/Getty Images)
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Moreno declined to comment. Brown did not immediately respond to FOX Business’ requests for comment.
Outside of the crypto world, the race presents an opportunity for Republicans to flip a seat from Democrats in a state that has become increasingly Republican in recent years.
