The crypto industry spent more than $130 million on the election. It paid off.
cryptocurrency industry.
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The money, which funded ads that aired across Ohio, was the most ambitious effort in an audacious multistate campaign by crypto firms to influence dozens of crucial congressional races. On Tuesday, that push was rewarded as Moreno, a longtime crypto enthusiast, defeated Sen. Sherrod Brown, a Democrat who chairs the influential Senate Banking Committee and has called for strict oversight of crypto companies.
«The crypto army is striking,» Tyler Winklevoss, a crypto executive, cheered on social media. A spokesperson for the leading crypto super political action committee blasted out the Ohio results in an email with the subject line: «Crypto's big bet pays off.»
The crypto industry treated this year's election as a pivotal moment, spending tens of millions of dollars to support candidates who favored softer regulations for the sector. A super PAC called Fairshake and two related organizations, Protect Progress and Defend American Jobs, spent a total of about $135 million, financed by donations from the crypto companies Coinbase and Ripple and the venture capital firm Andreessen Horowitz, which has backed more than 100 crypto startups.
The effort amounted to one of the most aggressive corporate spending sprees in modern political history, experts said. And it appears to have paid off handsomely.
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