FairShake, a political action committee backed by major crypto companies such as Coinbase Global, Ripple Research, and venture capital firm Andreessen Horowitz, has launched an eight-year campaign against anti-crypto senator Sherrod. It has poured nearly $40 million into Ohio since March. brown.
As chairman of the Senate Banking Committee, Brown’s vote will be crucial for any additional crypto legislation, and the aggressive campaign FairShake has mounted against him signals the industry’s growing political influence. are. All current political dynamics highlight how finance can change election outcomes, especially in hotly contested Senate races.
Cryptocurrency PAC spends millions as Sherrod Brown’s Senate seat comes under siege
By mid-September, a crypto-backed political action committee led by FairShake was spending $800,000 daily. The point was to flip the Ohio Senate seat from longtime Democratic incumbent Sherrod Brown to Republican challenger Bernie Moreno.
Brown has been a vocal critic of cryptocurrencies, often citing the harm they cause to average consumers. On the contrary, Moreno is a blockchain entrepreneur who has vowed to be industry-friendly. Moreno’s more than $40 million in support came from crypto donors. His success in this race will help solidify Republican control of Congress, while also eliminating one of his harshest critics, Sherrod Brown.
So far in 2024, the crypto-focused super PAC Fairshake and its affiliates have spent $54.6 million on behalf of the Republican Party. $33.7 million was spent on Democrats, giving Republicans a 62% advantage.
Pro-crypto PAC Fairshake spent more than $40 million on effort to oust Democratic Ohio senator @sensherrodBrown. 💸💰
Ironically, this could give yet another anti-crypto figure, Elizabeth Warren, the power to block crypto legislation. 😱
1/
— Veronica 💫 (@vronirwin) October 23, 2024
Sherrod Brown, chairman of the Senate Banking Committee, which drafts important legislation to regulate cryptocurrencies, is one of the most powerful people. Moreover, if he is re-elected, he could antagonize an industry that has actively opposed him.
If Brown loses his seat but Democrats retain control of the Senate, Elizabeth Warren, Congress’s most vocal critic of cryptocurrencies, is likely to become chair of the committee.
If you live in Ohio and care about the success of cryptocurrencies in America, you should vote. @berniemoreno In the Senate.
His opponent, Sherrod Brown, has blocked America’s sensible crypto bill every step of the way and has refused to meet with people in the crypto industry.
— Brian Armstrong (@brian_armstrong) October 23, 2024
This is a dangerous development for the crypto industry, as it puts Warren at the helm. This would allow cryptocurrencies’ most powerful opponents to delay or veto bills they deem important. If the election doesn’t go as Fairshake hopes, the bill could remain in place for at least the next two years.
Cryptocurrency transcends traditional political boundaries and appeals to both sides
Mick Mulvaney, a former acting White House chief of staff under the Trump administration, believes cryptocurrencies are an industry that transcends traditional American political boundaries, borrowing money from Democrats and Republicans.
Mulvaney said cryptocurrencies “don’t fit neatly into the old silos of Republicans and Democrats,” demonstrating its bipartisan appeal.
He added that legislators’ thinking, as well as cryptocurrencies, must change to adapt to these ideas. Mulvaney also commented on the maturation of the industry. He noted how what was once a purely grassroots effort has evolved into a professional lobbying effort in Washington.
he said:
“This is a new industry, and it’s starting to mature a little bit, but it’s not that mature. I remember when I was doing this about four years ago, what they were doing in Washington, D.C. , who were effectively people sitting in their basements writing nasty letters to congressmen. Now they’re doing professional work.”
Most polls in October showed the race between Mr. Trump and Ms. Harris to be close, even in some key battleground states. This close race means that either candidate could win the electorate. Because of this, their position in emerging industries such as cryptocurrencies should become very important.
Former President Donald Trump touted himself as a pro-crypto candidate and supported the industry in a September interview. His sons launched a cryptocurrency trading platform called World Liberty Financial in September.
Meanwhile, Vice President Harris supports regulatory oversight in this area to protect participants. Mulvaney said that aside from Sherrod Brown, one of the most outspoken critics of cryptocurrencies is Sen. Elizabeth Warren. Warren, who is anti-cryptocurrency, was recently criticized by pro-XRP lawyer John Deaton as greedy.
Mulvaney: Cryptocurrency’s political influence will soar in 2024 election
Mick Mulvaney served as White House Chief of Staff until March 2020, when he was appointed U.S. Special Envoy to Northern Ireland. He then resigned on January 6, 2021 due to the attack on the US Capitol by Trump supporters.
Mulvaney, who currently writes for NewsNation, believes the 2024 election cycle is instructive for the crypto industry, as its influence will become a more important factor in the next few election cycles. He said it would be “interesting to watch.”
To that end, political action committees Fair Shake, Save American Jobs, Protect Progress, and Commonwealth Unity Fund have spent millions of dollars supporting pro-crypto candidates. It has removed anti-crypto figures such as Sherrod Brown. So with only 13 days left until the US election, attention has shifted to winning last-minute voter support for crypto-sympathetic candidates.
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Teuta
Teuta is a veteran writer and editor with over 15 years of experience in the macroeconomics, technology, cryptocurrency and blockchain industries. He started his career in 2005 as a lifestyle writer for Cosmopolitan magazine in Croatia and went on to cover business and economics for prestigious publications such as Forbes and Bloomberg. Influenced by figures like Don Tapscott and Bruce Dickinson, Teuta embraced the blockchain revolution, believing that cryptocurrencies are one of humanity’s most important inventions. Her fintech journey began in 2014 and focused on cryptocurrencies, blockchain, NFTs, and Web3. Known for his excellent teamwork and communication skills, Teuta holds a double master’s degree in political science and law, loves punk rock and Chablis, and has a passion for shoes.
Disclaimer: The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
