“This is a huge development,” Club for Growth chairman David McIntosh said of the crypto-friendly candidates.
While it is unlikely that digital asset policy will have an impact on elections, the impending largesse in spending confirms the desire of top crypto industry executives and investors to have greater influence in US politics.
While these groups support candidates on both sides of the aisle, Republicans have been more intent on anchoring their campaigns with appeals to crypto believers, most notably in Ohio and Massachusetts. That could make them an easy target, given Brown and Warren's demands to police the risks to consumers and the financial system posed by digital asset trading.
“The reason they are particularly anti-cryptocurrency is because they hate personal responsibility and freedom,” Ohio Republican Senate candidate Bernie Moreno said of Brown and Warren in an interview. “We will absolutely put them to work on this issue.”
Mr. Moreno, a former car dealer, is the front-runner to challenge Mr. Brown thanks to the support of former President Donald Trump. Mr. Moreno made a name for himself in the Cleveland area as an evangelist for cryptography. He plans to make cryptocurrencies an issue in the general election.
This is the clearest example yet of how cryptocurrencies can bring about a slight shift in control of Washington, and Brown expects to face one of the toughest campaigns of his career. has been done. Trump won the state in the 2016 and 2020 elections.
The Club for Growth, which wields influence within the Republican Party thanks to its well-funded super PAC, endorsed Moreno last month when it announced that Moreno was using blockchain technology, the digital ledger technology behind cryptocurrencies. He listed his efforts. McIntosh said the club was “excited” about Moreno's background, adding: “He understands the issues and knows technology.”
In Massachusetts, cryptocurrency lawyer John Deaton launched a bid to take on Warren, the digital asset industry's biggest opponent, on Capitol Hill this week. Mr. Deaton is not expected to pose a real threat to Mr. Warren, but there has already been attention regarding his residence and his past arrests. However, he has gained a lot of attention in the online crypto community.
FairShake and its affiliated crypto super PAC have not yet announced whether they will support Moreno or Deaton. California has emerged as the first big target, with FairShake spending $6.8 million to oust progressive lawmakers. katie porter From Senate races to Democrats. adam schiff and barbara lee and Republican Steve Garvey.
Mr. Porter, a protégé of Mr. Warren, is voting in support of Mr. Schiff in the open primary. Her opponents' strategy is to ensure she does not advance to the November general election. Porter is trying to raise money from attacks using cryptocurrencies.
Cryptocurrency super PACs have recently spent money supporting House candidates in North Carolina and Alabama.
“FairShake is committed to supporting candidates who want to get things done and pass responsible regulation to enable the crypto economy to grow, create jobs, and create wealth for all Americans.” ,” said FairShake spokesperson Josh Brust. “We enter races based on candidates and where we can make an impact.”
The Cedar Innovation Foundation, another cryptocurrency dark money advocacy group, has already spent money attacking Brown in Ohio over his digital asset policies.
For now, Brown is trying to fend off potential threats from Republicans who want to challenge him on cryptocurrencies.
“If they want to make it an issue, I don't really understand it, but I think they have contributors to cryptocurrencies and that's what drives their actions,” Brown said. told reporters recently. “Because we're not sure if cryptocurrencies are good for our country.”
