Senate Race Tomorrow Could Impact Crypto Legislation in the US
This is a segment from the Forward Guidance newsletter.
Election Day Eve Overview
As Election Day approaches, campaign workers and candidates are in crucial final hours. The Blockworks news team will provide updates on significant races and market movements.
Key Senate Race: Sherrod Brown vs. Bernie Moreno
Senator Sherrod Brown faces Republican challenger Bernie Moreno for his US Senate seat. Brown, chair of the Senate Banking Committee, is viewed by the crypto industry as an adversary. He plays a key role in determining which legislation reaches committees and votes, showing limited support for crypto-focused bills. Notably, he did not join the 12 Democratic Senators who opposed the SEC’s SAB 121 bill.
Moreno, a car salesman, gained attention for his opposition to anti-crypto figures and has incorporated crypto into his campaign messaging, committing to block a Central Bank Digital Currency (CBDC) and defend crypto interests.
The crypto super PAC Defend American Jobs, associated with Fairshake, has invested over $19 million in Moreno's campaign as of August, according to federal filings.
As of November 1, the race is competitive, with Brown leading Moreno by a narrow margin of 0.3% in national polls.