Crypto PAC has invested $40 million in Ohio race to unseat anti-crypto lawmaker

The cryptocurrency industry political action committee (PAC) has invested heavily in the Ohio Senate race, supporting Republican candidate Bernie Moreno against incumbent Senator Sherrod Brown. As of September 27, 2024, PACs backed by companies such as Coinbase and Ripple Labs have invested $40 million in supporting Moreno. This huge expenditure has enabled Moreno to quickly catch up with Brown in the polls, and some polls even show that Moreno is ahead. As chairman of the Senate Banking Committee, Brown has always been skeptical of cryptocurrencies, and several crypto bills have been shelved in the committee. If Moreno wins, the Republican Party may gain a majority in the Senate, which will have a significant impact on the legislative process of the cryptocurrency industry. However, some industry insiders have expressed concerns about Fairshake PAC's attempt to overturn Brown's decision, believing that it may harm the industry's legislative push. (Coindesk)