Bernie Moreno, the Republican candidate for the United States Senate race in Ohio, has reportedly sold his Bitcoin (BTC) holdings in an apparent effort to avoid potential conflicts of interest with the cryptocurrency industry’s support. According to a report from Cleveland.com on October 28, Moreno expressed pride in having the crypto industry’s backing in his bid to unseat Senator Sherrod Brown.
The Senate candidate has received over $40 million in support through media buys from the political action committee (PAC) Defend American Jobs, an affiliate of Fairshake that primarily assists Republican candidates. Moreno stated, “I’m proud that the industry supports me. And by the way, the reason they supported me is because they agree with me, not because I agree with them.”
Brown, the Chair of the Senate Banking Committee, has been a vocal skeptic of digital assets and has served in the US Senate since 2007. Recent polls have indicated that Moreno and Brown are neck and neck for victory in the 2024 election, which could determine Republican control of the Senate.
In addition to PAC money, high-profile crypto executives such as Gemini co-founders Cameron and Tyler Winklevoss, Coinbase co-founder Fred Ehrsam, and Coinbase CEO Brian Armstrong have directly contributed to Moreno’s campaign. However, Ron Conway, a prominent donor to Fairshake, reportedly withdrew his support for the crypto PAC after learning of its intention to support Moreno.
Moreno, who has never held elected office, has a business background in Ohio and previously advocated for the state to accept tax payments in BTC in 2018. Despite this, his campaign website does not include support for digital assets or blockchain technology among its priorities. The Ohio Senate race has been one of the most expensive in the 2024 US election, with candidates and PACs spending over $400 million on campaigning and media ads.