Crypto-Backed PACs Fuel Record Spending in Ohio Senate Race

Crypto-backed spending in Ohio’s Senate race has hit unprecedented levels, making it the highest in the 2024 U.S. election cycle.

With Election Day fast approaching, ad spending on both Democrat Sherrod Brown and Republican Bernie Moreno has exceeded $170 million. Most recently, pro-crypto super PAC Defend American Jobs (DAJ) launched a $40.8 million television ad campaign backing Moreno.

Pro-Crypto vs. Anti-Crypto Candidates

The Senate race between Brown and Moreno has captured significant attention from the U.S. crypto industry. Moreno, a Republican and founder of a blockchain company, is a vocal advocate for cryptocurrencies. This has drawn interest from crypto proponents, who see his potential to influence the industry if elected.

Read also: Crypto Lawyer Deaton Wins GOP Primary, Warren Next in Senate Race

Conversely, Democrat Sherrod Brown has consistently opposed cryptocurrencies. Currently running for his fourth term, Brown also chairs the Senate Banking Committee, overseeing issues related to crypto regulation. His alliance with anti-crypto Senator Elizabeth Warren has further solidified his critical stance toward digital currencies.

Pro-Crypto PAC DAJ Throws Support Behind Moreno

Through the latest TV ad blitz, pro-crypto PAC Defend American Jobs aims to boost Moreno’s profile among Republicans and influence undecided voters. The PAC is backed primarily by crypto giants like Coinbase and Ripple. In a statement to FOX Business, a DAJ spokesperson said:

“Before our investment, one of the leading anti-crypto senators was on a path to victory. Now a pro-crypto leader is in a position to win.”

The DAJ PAC is currently the largest spender in Ohio’s Senate race, having poured over $130 million into key congressional contests this election cycle.