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Money Map Press Chief Investment Strategist Shah Gilani shares his market outlook ahead of the opening bell and why he bought Coinbase on 'Varney & Co.'
Crypto-backed political spending could be paying off in Ohio’s pivotal Senate race with just under one month to go until Election Day, Gxstocks has learned.
As the race between incumbent Democratic Sen. Sherrod Brown and the Republican challenger, businessman Bernie Moreno, narrows, pro-crypto super PAC Defend American Jobs has rolled out a $40.8 million TV ad blitz designed to boost Moreno’s image among Republicans and undecided voters.
"Before our investment, one of the leading anti-crypto senators was on a path to victory," a spokesman for Defend American Jobs told Gxstocks. "Now a pro-crypto leader is in a position to win."
Ohio Senate candidates Bernie Moreno, a Republican, left, and Sen. Sherrod Brown, a Democrat, right. (Getty Images)
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This latest ad spend makes Defend American Jobs, which is funded by major crypto companies like Coinbase and Ripple, the largest spender in the Ohio Senate race so far and represents a portion of the more than $130 million dropped on key congressional races by pro-crypto super PACs this election cycle, according to DAJ.
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The race between Brown and Moreno is shaping up to be one of the most expensive of the election cycle too, with more than $170 million spent on advertising for both candidates so far.
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The contest has garnered significant attention from the U.S. crypto industry. Moreno, a supporter of digital assets and founder of a blockchain company, could help shape digital asset policy in the Senate if elected. In contrast, Brown, a vocal critic of cryptocurrencies, has consistently advocated for greater industry oversight and has voted against legislation considered favorable to the $2 trillion industry.
Brown, who is seeking his fourth term in the Senate, also chairs the Senate Banking Committee that oversees issues related to digital assets as well as the proclaimed crypto regulator, the Securities and Exchange Commission. Brown is also an ally of the 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, D.C. (Michael A. McCoy/Getty Images / Getty Images)
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Moreno declined to comment. Brown did not immediately respond to Gxstocks' requests for comment.
Outside of crypto, the race represents an opportunity for Republicans to flip a Democrat-held seat in a state that has increasingly leaned Republican in recent years.
