Bernie Moreno, a Republican businessman with backgrounds in auto dealerships and blockchain technology, has defeated incumbent Democratic Senator Sherrod Brown in Ohio. The victory has major implications for both the US Senate’s balance of power and the regulatory landscape for crypto.
“Another anti-crypto one bites the dust,” exclaimed Custodia Bank founder and CEO Caitlin Long.
“Getting rid of Sherrod Brown is good,” commented venture capitalist Adam Cochran, who added that he was the worst person on the finance committee by far, “incredibly dishonest with his attacks on crypto and fintech.”
Getting rid of Sherrod Brown is good.
Worst person on the finance committee, by far, was incredibly dishonest with his attacks on crypto and fintech. https://t.co/krvjNgo6QM
— Adam Cochran (adamscochran.eth) (@adamscochran) November 6, 2024
A Victory for Crypto
Moreno leveraged support from Donald Trump and Senator JD Vance, and his victory puts the Republicans closer to potential Senate control. The crypto industry spent around $40 million to defeat the 50-year veteran Brown, according to Bloomberg.
In late October, Moreno said he was proud to have the support of the cryptocurrency industry, adding that if elected, he would seek to give “regulatory certainty” to Bitcoin and other digital currencies.
He added that he supported the concept of creating a strategic Bitcoin reserve and thinks American retirement accounts should include crypto assets. Moreno successfully pushed for Ohio to become the first state to accept Bitcoin for tax payments in 2018.
However, he lamented that he regrettably sold his Bitcoin, dispelling ideas that he was supporting the crypto industry for personal gain.
Brown, a staunch ally of SEC Chair Gary Gensler, was as vehemently opposed to the crypto industry as his colleague on the Banking Committee, Elizabeth Warren.
However, in a loss for the crypto industry, Warren secured her third term as the senator of Massachusetts, defeating crypto lawyer John Deaton by 60% to 40%.
Elizabeth Warren henchman Sherrod Brown has been defeated by @berniemoreno for Ohio Senate. This is what happens when you mess with the crypto army.
— Cameron Winklevoss (@cameron) November 6, 2024
Donald Trump won the 17 electoral votes for Ohio with 3 million votes to Kamala Harris’ 2.4 million. Democratic Representative and former speaker Nancy Pelosi won re-election to a House seat representing California.
Republicans Win Senate
The Republicans have won control of the US Senate, retaking the chamber for the first time in four years, reported AP on Nov. 6.
This gives them a major power center in Washington and a lead role in confirming the next president’s Cabinet.
At the time of writing, Donald Trump was leading Kamala Harris with 247 electoral votes to 210. Meanwhile, Polymarket odds of Trump winning exploded to 94% on the blockchain betting platform.
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