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Crypto-backed spending could pay off in Ohio’s key Senate race with only one month left until Election Day, FOX Business has learned.
As the race between the incumbent Democratic senator and Republican challenger, businessman Bernie Moreno, narrows, the pro-crypto super PAC Defend American Jobs has released a $40.8 million TV ad designed to boost Moreno’s image among Republicans and undecided voters.
“Prior to our investment, one of the leading anti-crypto senators was on his way to victory,” a spokesperson for Defend American Jobs told FOX Business. “Now the pro-crypto leader has a chance to win.”
Ohio Senate candidates Bernie Moreno, Republican, left, and Sen. Sherrod Brown, Democrat, right. (Getty Images)
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This latest ad spend makes Defend American Jobs, which is backed by major crypto companies like Coinbase and Ripple, the biggest spender in the Ohio Senate race to date and represents a portion of the more than $130 million dropped in key congressional races is pro-crypto. the largest PACs in this election cycle, according to the DAJ.
The race between Brown and Moreno is becoming one of the most expensive election cycles, with more than $170 million spent on advertising for both candidates so far.
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The competition has received significant attention in the US crypto industry. Moreno, a proponent of digital assets and the founder of a blockchain company, could help shape digital asset policy in the Senate if elected. In contrast, Brown, a staunch critic of cryptocurrencies, has been advocating for greater oversight of the industry and voted against legislation that is seen as favoring the $2 trillion industry.
Brown, who is seeking a fourth term in the Senate, also chairs the Senate Banking Committee that oversees issues related to digital assets and the declared crypto regulator, the Securities and Exchange Commission. Brown is also a ally of powerful progressive anti-crypto Sen. Elizabeth Warren.
Sen. Elizabeth Warren, D-Mass., speaks during a Senate Banking Committee hearing on Capitol Hill June 13, 2023, in Washington, DC. (Michael A. McCoy/Getty Images/Getty Images)
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Moreno declined to comment. Brown did not immediately respond to FOX Business’ requests for comment.
Aside from crypto, the race represents an opportunity for Republicans to flip a Democrat-held seat in a district that has leaned heavily Republican in recent years.
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