TechFlow reported on October 29 that, according to Cointelegraph, Republican Senate candidate Bernie Moreno stated during his campaign that he has sold his Bitcoin holdings to avoid potential conflicts of interest. Data shows that Defend American Jobs, a crypto-industry-backed political action committee (PAC), has spent over $40 million on media advertising for his campaign.
Moreno is competing against incumbent Senator and Senate Banking Committee Chair Sherrod Brown for the Ohio Senate seat. Crypto leaders including Coinbase CEO Brian Armstrong and Gemini founders Cameron and Tyler Winklevoss have provided direct financial support to his campaign. October polls indicate the two candidates are within the margin of error, making this seat potentially decisive for whether Republicans gain a majority in the Senate.
In 2018, Moreno advocated for Ohio to accept Bitcoin for tax payments, though the proposal was not approved. He has pledged to provide "regulatory certainty" for the crypto industry if elected. Analysts note that aside from the presidential election, this Senate race could become the most expensive contest of 2024, with expected campaign spending by candidates and PACs exceeding $400 million.
