Bernie Moreno, the Republican candidate for the United States Senate in Ohio, has reportedly sold his Bitcoin (BTC) holdings to avoid potential conflicts of interest with the cryptocurrency industry’s support. According to a report from Cleveland.com on Oct. 28, Moreno stated that he was “proud” to have the backing of the crypto industry as he competes against Senator Sherrod Brown.
Moreno has received over $40 million in support from the political action committee (PAC) Defend American Jobs, affiliated with Fairshake, which primarily supports Republican candidates through media buys.
“I’m proud that the industry supports me,” Moreno said. “And by the way, the reason they supported me is because they agree with me, not because I agree with them.”
Senator Brown, the Chair of the Senate Banking Committee, has been in the US Senate since 2007 and has been an outspoken critic of digital assets. Polls from October suggest that Moreno and Brown are in a close race for the 2024 election, which could determine majority control of the Senate for Republicans.
In addition to PAC support, prominent crypto executives, such as Gemini co-founders Cameron and Tyler Winklevoss, Coinbase co-founder Fred Ehrsam, and Coinbase CEO Brian Armstrong, have contributed to Moreno’s campaign.
Ron Conway, a major donor to Fairshake, reportedly withdrew his support for the crypto PAC after learning of its intention to back Moreno.
Moreno, who has never held elected office, previously advocated for the state of Ohio to accept tax payments in BTC in 2018. However, his proposal was not approved by the State Board of Deposits.
He has expressed a desire to provide “regulatory certainty” for the industry if elected to the Senate. Despite his criticisms of Senator Brown and Senator Elizabeth Warren’s crypto policies, Moreno’s campaign website does not include support for digital assets or blockchain technology among its 16 priorities.
The Ohio Senate race between Senator Brown and Moreno is expected to be one of the most expensive in the 2024 US election, second only to the presidential race between Vice President Kamala Harris and Donald Trump. It has been reported that candidates and PACs have spent over $400 million on campaigning and media ads for this race.