Originally published on: October 28, 2024
Bernie Moreno, the Republican candidate for the coveted United States Senate seat in Ohio, has made headlines by announcing that he has sold all his Bitcoin holdings. This move comes in response to potential conflicts of interest with the cryptocurrency industry, which has shown support for Moreno in his bid to unseat incumbent Senator Sherrod Brown.
In a recent report from Cleveland.com, Moreno expressed his pride in receiving support from the crypto industry and emphasized that their backing stemmed from their agreement with his policies, not the other way around. The Senate hopeful has garnered substantial financial support from the political action committee Defend American Jobs, totaling upwards of $40 million for media buys. This support has positioned Moreno as a strong contender against Senator Brown, who has held his Senate position since 2007 and has been critical of digital assets.
Despite being a newcomer to politics, Moreno has attracted contributions from prominent figures in the crypto space, including Gemini’s Winklevoss twins and Coinbase’s Fred Ehrsam and Brian Armstrong. However, not all supporters have remained loyal, with reports indicating that previous donors like Ron Conway have distanced themselves from Moreno’s campaign.
If successful in unseating Senator Brown, Moreno aims to provide regulatory certainty for the crypto industry. His campaign has focused on criticizing current crypto policies while failing to outline concrete support for digital assets on his website. The upcoming Senate race in Ohio is expected to be highly competitive and costly, with candidates and PACs already pouring millions into campaigning efforts.
As the battle for the Ohio Senate seat intensifies, Moreno’s decision to divest from Bitcoin reflects a strategic move to navigate potential conflicts of interest and position himself as a credible candidate for voters. Will his stance on cryptocurrencies sway the election in his favor? Only time will tell.
