In a strategic move, a network of super PACs supported by the cryptocurrency sector is investing heavily in pivotal Senate races. One of these PACs, Defend American Jobs, has pledged a minimum of $12 million to support Republican Bernie Moreno in his challenge against Senate Banking Chair Sherrod Brown in Ohio.
This race could be crucial in determining the Senate’s control, with a Republican victory in Ohio likely cementing a GOP majority. Another PAC, Protect Progress, is preparing to launch two ad campaigns worth $3 million each in support of Democratic Senate candidates Reps. Ruben Gallego of Arizona and Elissa Slotkin of Michigan.
The super PACs aim to support innovation and job protection, with major backers including Coinbase, Ripple, and Andreessen Horowitz
These endorsements represent the crypto super PAC group’s first visible push in the battleground Senate races. The group has accumulated over $160 million in efforts to influence the 2024 elections to favor the cryptocurrency industry.
As the Banking Committee chair, Brown has long expressed skepticism towards the crypto industry, highlighting the risks digital assets pose to consumers. Although his criticism has softened recently, Moreno, a former car dealer and crypto advocate, has promoted blockchain technology and aims to establish Cleveland as a blockchain hub.
Both Gallego and Slotkin have supported crypto-related legislation in the House, including a bipartisan bill endorsed by digital asset firms in May. Josh Vlasto, a spokesperson for the super PACs, stated that their goal is to support candidates who embrace innovation and protect American jobs while working across party lines.
Major supporters of the PACs include Coinbase, Ripple, and Andreessen Horowitz. The PACs have previously focused on House races, including a $10 million ad campaign against Democratic Rep. Katie Porter’s Senate bid in California.
