In an election cycle dominated by unexpected outcomes, Bernie Moreno’s stunning victory over Democratic incumbent Sen. Sherrod Brown marked a turning point—not just in Ohio politics, but in the growing intersection of cryptocurrency and governance.
A year ago, Moreno was a political unknown—a former Cleveland car salesman with a failed 2022 Senate bid under his belt. But on November 5, 2024, Moreno unseated Brown, a political heavyweight and Senate Banking Committee chair, in a race fueled by a wave of pro-crypto momentum. His win was one of several that helped Republicans reclaim control of the Senate and cement the cryptocurrency industry’s unprecedented influence on Capitol Hill.
The 2024 election saw the cryptocurrency industry spend more than $245 million on candidates and causes—a sum that accounted for nearly half of all corporate political donations, according to nonprofit watchdog Public Citizen. PACs and advocacy groups like Coinbase’s Stand With Crypto Alliance engineered a sophisticated campaign finance strategy. They created a grading system to identify crypto-friendly candidates and poured money into battleground races to either support their allies or unseat their critics.
Moreno, for instance, benefitted from over $40 million in support from crypto-related groups. His campaign relied on polished ad buys and targeted messaging, making him a poster child for the industry’s burgeoning political clout.
“Being anti-crypto is simply bad politics,” tweeted Coinbase CEO Brian Armstrong following Moreno’s win.
The industry’s strategy was simple but effective: instead of lobbying post-election to sway unsympathetic lawmakers, it focused on electing allies and neutralizing opponents. This approach paid off handsomely, as nearly 300 pro-crypto lawmakers will take seats in Congress in 2025, according to Stand With Crypto.
Moreno’s journey from political neophyte to Senate victor was no accident. Over the past year, he was vetted by Silicon Valley heavyweights like Marc Andreessen, Ben Horowitz, and David Sacks, who grilled him on blockchain technology, digital asset policy, and global finance.
This vetting process proved critical. Moreno’s background as the founder of Champ Titles—a blockchain startup digitizing auto title registrations—gave him credibility in understanding crypto’s potential applications. He also met with Coinbase leaders, including co-founders Brian Armstrong and Fred Ehrsam, as well as policy chief Faryar Shirzad.
“They didn’t just jump in head first,” Moreno said, reflecting on the countless meetings leading up to his candidacy. “We had to build a lot of trust.”
Moreno’s victory symbolized a broader political shift. The crypto lobby targeted several high-profile critics, including Brown and Sen. Elizabeth Warren. Both had called for stricter regulations, citing concerns over fraud, terrorist financing, and market volatility.
Brown, in particular, had become a vocal crypto skeptic after the collapse of FTX in 2022, which he described as “a loud warning bell” for the dangers of unregulated digital assets. His stance made him a prime target for the crypto industry, which invested heavily to unseat him.
The bipartisan nature of the crypto push was also striking. While the industry overwhelmingly backed Republican candidates, groups like Fairshake and its affiliates also supported pro-crypto Democrats in key states like Arizona and Michigan, ensuring influence across party lines.
With Moreno’s victory and the election of hundreds of crypto-friendly lawmakers, the industry is poised to reshape regulatory discussions. The Securities and Exchange Commission (SEC), led by Gary Gensler, has spent years pursuing major crypto firms like Coinbase and Ripple for alleged violations of securities laws. But the incoming Congress is likely to push for more favorable regulatory frameworks, potentially curbing the SEC’s aggressive stance.
Crypto’s 2024 election strategy also highlighted lessons learned from Big Tech’s past missteps. Instead of focusing exclusively on post-election lobbying, the industry deployed its resources preemptively to influence electoral outcomes. This approach not only delivered victories but also ensured that crypto-friendly voices would dominate legislative conversations for years to come.
Moreno’s rise encapsulates the crypto industry’s growing role in shaping U.S. politics. His victory signals not only a shift in Ohio but also a broader acceptance of digital assets as a legitimate and influential force in the American political landscape.
As Congress convenes in 2025, the implications of this election cycle will come into sharper focus. For better or worse, cryptocurrency has proven it is no longer just a financial disruptor—it’s a political powerhouse. And with allies like Bernie Moreno in the Senate, its influence is only beginning to be felt.
Thomas Lin
UCW Newswire
