TechFlow news — On September 27, according to Coindesk, a political action committee (PAC) backed by the cryptocurrency industry has poured significant funds into the Ohio Senate race, supporting Republican candidate Bernie Moreno in his challenge against incumbent Senator Sherrod Brown. As of September 27, 2024, the PAC, supported by companies including Coinbase and Ripple Labs, has spent $40 million backing Moreno. This massive spending has rapidly closed the polling gap between Moreno and Brown, with some polls now showing Moreno ahead.
Brown, who chairs the Senate Banking Committee, has long been skeptical of cryptocurrencies, leading to the stalling of multiple crypto-related bills in the committee. If Moreno wins, Republicans could gain control of the Senate, significantly impacting the legislative trajectory for the crypto industry. However, some industry insiders have expressed concern over Fairshake PAC's efforts to unseat Brown, arguing that it could undermine broader legislative progress for the sector.
