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Bernie Moreno Defeats Crypto Critic Sherrod Brown, Industry Leaders Celebrate

2 mins
Updated by Harsh Notariya
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In Brief

  • Bernie Moreno defeats Sherrod Brown, sparking celebrations among cryptocurrency investors and industry advocates.
  • Crypto-backed Super PACs fueled Moreno’s Ohio Senate win, marking a shift in Senate power to Republicans.
  • Pro-crypto community sees victory as a pathway to clearer regulations, with 235 pro-crypto candidates now in Congress.
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Bernie Moreno, a businessman, has defeated Sherrod Brown in the Ohio Senate race. This victory has excited crypto investors, as Sherrod Brown had previously taken numerous actions against the crypto market.

With this victory, Republicans now hold a majority in the US Senate.

Crypto Investors Rejoice as Sherrod Brown is Defeated

Pro-crypto Super PACs donated $41 million to support Bernie Moreno. CNBC reported that the Ohio Senate race attracted more advertising spending than any Senate race in history and was the biggest target of cryptocurrency funds this cycle.

Sherrod Brown, a supporter of Elizabeth Warren, voted against cryptocurrency and often posted anti-crypto comments on social media. Bernie Moreno, on the other hand, pledged to defend crypto.

“I’ll lead the fight to defend crypto in the US Senate,” Moreno declared.

Read more: Crypto Regulation: What Are the Benefits and Drawbacks?

The crypto investment community celebrated Moreno’s victory. Industry leaders expressed their enthusiasm.

“Elizabeth Warren henchman Sherrod Brown has been defeated by Bernie Moreno for Ohio Senate. This is what happens when you mess with the crypto army,” Cameron Winklevoss, co-founder of Gemini, said.

Brian Armstrong, CEO of Coinbase and a supporter of Stand With Crypto, also expressed optimism. He believes the new Congress will pass clearer rules for cryptocurrency.

“Tonight the crypto voter has spoken decisively – across party lines and in key races across the country. Americans disproportionately care about crypto and want clear rules of the road for digital assets. We look forward to working with the new Congress to deliver it,” Armstrong said.

Stand With Crypto reported that 235 crypto-supporting candidates won seats in the House of Representatives, and 14 won seats in the Senate.

“The next Congress will be the most pro-crypto ever,” Stand With Crypto declared.

Read more: 7 Best Crypto Exchanges in the USA for Bitcoin (BTC) Trading

Number of pro-crypto candidates in the Senate and House of Representatives.
Number of Pro-Crypto Candidates in the Senate and House of Representatives. Source: Stand With Crypto

In addition to the Senate victory, the AP predicts that Republicans might control both houses of Congress. This would strengthen Donald Trump’s power, making it easier to implement policy proposals.

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Nhat Hoang
Nhat Hoang is a journalist at BeInCrypto who writes about macroeconomic events, crypto market trends, altcoins, and meme coins. With experience tracking and observing the market since 2018, he is able to grasp the stories in the market and express them in an accessible way to new investors. He graduated with a bachelor’s degree in Japanese from Ho Chi Minh City University of Pedagogy.
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