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Crypto-backed spending could pay off in a key Ohio Senate race with only one month left until Election Day, FOX Business has learned.
Pro-crypto super PAC Defend American Jobs (DAJ) recently launched a $40.8 million TV ad blitz designed to boost Moreno’s image among Republicans and undecided voters. Big money spent on advertising can pay off.
According to a new poll from Marist College released Thursday, Democratic Senator Sherrod Brown is leading Republican challenger, businessman Bernie Moreno, by just two points. The same poll conducted in June showed Brown with a 5-point advantage.
“Prior to our investment, one of the leading anti-crypto senators was on his way to victory,” a spokesperson for Defend American Jobs told FOX Business. “Now the pro-crypto leader has a chance to win.”
Ohio Senate candidates Bernie Moreno, Republican, left, and Sen. Sherrod Brown, Democrat, right. (Getty Images)
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The ad spend makes Defend American Jobs, sponsored by major crypto companies like Coinbase and Ripple, the biggest spender in an Ohio Senate race so far and represents a portion of the more than $130 million dropped in key congressional races by pro-crypto super. PACs in this election cycle, according to the DAJ.
The race between Brown and Moreno is becoming one of the most expensive election cycles, with more than $170 million spent on advertising for both candidates so far.
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The competition has received significant attention in the US crypto industry. Moreno, a proponent of digital assets and the founder of a blockchain company, could help shape digital asset policy in the Senate if elected. In contrast, Brown, a staunch critic of cryptocurrencies, has been advocating for greater regulation of the industry and voted against legislation deemed to favor the $2 trillion industry.
Brown, who is seeking a fourth term in the Senate, is also the chairman of the Senate Banking Committee that oversees issues related to digital assets and the declared crypto regulator, the Securities and Exchange Commission. Brown is also a colleague of Sen. Elizabeth Warren, D-Mass. is a strong anti-crypto activist.
Sen. Elizabeth Warren, D-Mass., speaks during a Senate Banking Committee hearing on Capitol Hill in Washington, DC, on June 13, 2023. (Michael A. McCoy/Getty Images/Getty Images)
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Moreno declined to comment. Brown did not immediately respond to FOX Business’ requests for comment.
Aside from crypto, the race represents an opportunity for Republicans to flip a Democrat-held seat in a district that has leaned heavily Republican in recent years.
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