In a tight Senate race, pro-crypto Republican candidate Bernie Moreno defeated Democrat Sherrod Brown, marking a significant shift in Ohio’s political space.
Associated Press announced Moreno’s victory in the early morning hours of Wednesday (November 6), ending Brown’s term and replacing a prominent opponent of cryptocurrency regulation with a vocal supporter.
Senate victory Moreno and supporters
As chairman of the Senate Banking Committee, Brown had significant influence on digital currency legislation, making Moreno’s victory a key event for the industry, particularly in Ohio.
Having no previous experience in political office, Moreno positioned himself as a political outsider with mighty support influential figures in the Republican Party, including President Donald Trump.
Trump publicly endorsed Moreno, praising him as a key MAGA ally in the Senate. According to NBC Newsthe race attracted significant financial attention, with over $500,000 allocated to advertising.
Much of Moreno’s financial support came from political action committees, including the pro-crypto Defend American Jobs PAC, which invested $41 million in his campaign.
Moreno’s position on cryptocurrency regulation was a central theme of his campaign. He often criticized “career politicians” such as Sherrod Brown for their alleged lack of digital understanding and promised that regulatory clarity and innovation would be at the forefront.
Always politicians like Sherrod Brown and Joe Biden don’t understand the first thing about cryptocurrencies and have no qualifications to regulate them. They are obsessed with destroying cryptocurrencies because they hate American innovation.
I will lead the fight to defend cryptocurrencies in the US Senate. pic.twitter.com/yiZvv3OiGl
— Bernie Moreno (@berniemoreno) June 29, 2024
Program and legislative background regarding cryptocurrencies
Moreno has explained that his program will prioritize policies supporting the cryptocurrency industry. In various public statements, he has emphasized that the digital currency sector does not seek an unregulated environment, but wants clear rules that encourage growth and innovation.
Moreno’s support includes the creation of a national Bitcoin reserve and initiatives aimed at regulatory certainty. Moreover, Moreno’s credentials in the blockchain space go beyond politics.
As the owner of Bernie Moreno Companies, a blockchain investment group, Moreno has vested interest in the development of the industry. He also co-founded Blockland Cleveland, an initiative promoting blockchain adoption in the local economy.
At its peak, the organization had 1,500 members. Additionally, Moreno has been a vocal supporter of a recent initiative to make Ohio one of the first states to accept Bitcoin to pay state taxes, signaling his commitment to practical applications of the digital currency.
Featured image created with DALL-E, chart from TradingView
