Crypto PAC has invested $40 million in Ohio Senate race to counter anti crypto lawmakers

On September 27th, according to Coindesk, the Cryptocurrency Industry Political Action Committee (PAC) heavily invested in the Ohio Senate race, supporting Republican candidate Bernie Moreno against incumbent Senator Sherrod Brown. As of September 27, 2024, PAC supported by companies such as Coinbase and Ripple Labs has invested $40 million to support Moreno. This huge expenditure enabled Moreno to quickly catch up with Brown in the polls, with some polls even showing Moreno leading. As the chairman of the Senate Banking Committee, Brown has always been skeptical of cryptocurrencies, and multiple cryptocurrency bills have been put on hold by the committee. If Moreno wins, the Republican Party may gain a majority in the Senate, which will have a significant impact on the legislative process of the cryptocurrency industry. However, some industry insiders have expressed concerns about Fairshake PAC's attempt to overturn Brown's decision, believing it could harm the industry's legislative push.