The cryptocurrency industry's political action committee has invested $40 million in the Ohio Senate campaign to support Bernie Moreno

ChainCatcher news, the political action committee (PAC) for the cryptocurrency industry is making a significant investment in the Ohio Senate race, supporting Republican candidate Bernie Moreno against incumbent Senator Sherrod Brown.

As of September 27, 2024, the PAC, backed by companies like Coinbase and Ripple Labs, has invested $40 million to support Moreno. This massive expenditure has allowed Moreno to quickly catch up to Brown in the polls, with some polls even showing Moreno in the lead.

Brown, as the chairman of the Senate Banking Committee, has been skeptical of cryptocurrency, and several crypto-related bills have been stalled in the committee. If Moreno wins, the Republicans could gain a majority in the Senate, which would have a significant impact on the legislative process for the cryptocurrency industry. However, some industry insiders are concerned about Fairshake PAC's attempt to unseat Brown, believing it could undermine the industry's legislative push.