Republican candidate goes Bitcoin-free to win crypto support against Sherrod Brown

Bernie Moreno, the Republican candidate to challenge Senator Sherrod Brown has recently announced that he has liquidated all his Bitcoin assets. This decision was taken in order to address any possible conflicts of interest arising from the support received from the cryptocurrency sector.

Morenos campaign has garnered over $40 million through media buys from the political action committee (PAC) – Defend American Jobs – an organization associated with Fairshake and primarily focuses on supporting Republican candidates.

Senator Brown, who has been in office since 2007 and chairs the Senate Banking Committee, is known for his skepticism regarding digital assets. Recent polls indicate that the race between Moreno and Brown is tight, with both candidates within the margin of error ahead of the crucial 2024 election, which could decide whether Republicans gain control of the Senate.

Should Brown secure re-election but Republicans achieve a Senate majority, he may have to step down as chair of the Banking Committee in January 2025.

Crypto leaders back Morenos campaign, but not all supporters are onboard

In addition to PAC contributions, numerous high-profile crypto entrepreneurs, including Gemini co-founders Cameron and Tyler Winklevoss, Coinbase co-founder Fred Ehrsam, and Coinbase CEO Brian Armstrong, have directly contributed to Morenos campaign. However, Ron Conway, a former major donor to Fairshake, reportedly withdrew his support upon learning of its plans to back Moreno.

Moreno, who has never held elected office, has advocated for Ohio to accept tax payments in Bitcoin since 2018, although the State Board of Deposits did not approve this proposal. If elected, he has stated his intention to promote “regulatory certainty” for the crypto industry. Despite his criticisms of Senator Brown and Senator Elizabeth Warren regarding their crypto policies in 2024, his campaign website lists 16 key priorities, none related to digital assets or blockchain technology.

Morenos run and record are not flawless. Last year, he settled over a dozen wage-theft claims and paid over $400,000 to two former employees at his car business.

Additionally, he has faced criticism for claiming that women over 50 should not be concerned about reproductive rights during a town hall meeting.

The race between Senator Brown and Moreno is expected to be one of the most expensive contests in the 2024 election cycle, second only to the presidential race. Reports suggest candidates and PACs have spent over $400 million on campaign efforts and media advertisements in Ohio.