Crypto lobbyists reportedly spent $800,000 per day to oust Ohio Democratic Senator Sherrod Brown, who is known for his criticism of the crypto asset industry.
Great Support for the Competitor from the Crypto Sector
According to Rolling Stone, crypto political groups plan to spend $32 million between August 22 and the end of September to support Brown’s opponent, Republican businessman Bernie Moreno. The investment could give Moreno, who is seeking to replace Brown, a significant advantage.
These funds are Coinbase, Ripple $0.5864 and the Defend American Jobs group, a subsidiary of Fairshake, a crypto-focused political action committee (PAC) funded by Andreessen Horowitz. These groups aim to protect the interests of the crypto industry in the political arena.
Sherrod Brown’s Anti-Crypto Stance
Crypto asset advocacy group Stand With Crypto gave Brown an “F” grade (the lowest grade), indicating that he is strongly against crypto. Brown voted against a House resolution that sought to reverse the SEC’s guidance on showing digital assets as liabilities on balance sheets.
The guidance (which he opposed) known as SAB 121, recommends that companies show crypto assets held on behalf of their clients as liabilities on their balance sheets, a significant regulation that could impact the financial reporting of crypto companies.
Focus of Criticism
Brown is known for his harsh criticism of the crypto industry, describing it as a “complex and unregulated money pot” in late 2022.
Sherrod Brown: “I have spent much of the last eight and a half years as chairman of the House Committee on Banking, Housing and Urban Affairs warning my colleagues, the public, about crypto. I have spent years trying to educate them about the dangers it poses to our national security and to deceived consumers.”
The crypto lobby’s intense efforts against Brown reflect the industry’s desire to increase its political influence, reflecting the crypto industry’s concerns about regulation and desire to shape its future in politics.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
