On November 6, 2024, Bernie Moreno, a Republican pro-crypto candidate, won the Ohio Senate seat, defeating incumbent Democrat Sherrod Brown with 50.5% of the vote compared to Brown's 46.1%. This victory is significant as it introduces a strong advocate for cryptocurrency regulation in the Senate, while removing a major opponent.
Moreno's campaign was heavily supported by the pro-crypto super PAC Fairshake, which invested approximately $40 million, making this the second-most expensive Senate race in U.S. history when adjusted for inflation. Moreno plans to push for a national Bitcoin reserve and regulatory clarity for the crypto industry.
Brown's defeat is seen as a major setback for anti-crypto policies, particularly given his influential role as chair of the Senate Banking Committee. His loss may shift the committee's direction towards a more favorable stance on digital assets, especially if Republicans gain the Senate majority.
This election outcome reflects the growing influence of the crypto lobby in U.S. politics and signals potential changes in regulatory approaches to cryptocurrencies.