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
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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