Prior to announcing his Senate candidacy in April 2023, Bernie Moreno was a political no name. A former car salesman in the Cleveland area, his only p

How tech bros bought 'America's most pro-crypto Congress ever'

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2024-11-23 16:00:11

Prior to announcing his Senate candidacy in April 2023, Bernie Moreno was a political no name. A former car salesman in the Cleveland area, his only prior experience in politics was a losing bid for Ohio's other Senate seat in 2022.

On Nov. 5, as part of the election that swept Donald Trump back into the White House, Moreno defeated Democratic incumbent Senator Sherrod Brown, who was first elected to the House in 1992, before winning his Senate seat in 2006 and chairing the powerful Banking Committee since 2021.

Moreno's rise from unsung Ohio businessman to prominent political leader was no accident. His campaign was backed by $40 million from the cryptocurrency industry as part of a highly targeted effort to get friendly candidates elected and, perhaps more importantly, its critics removed. Moreno's victory was one of the Senate seats Republicans flipped to take control of the chamber.

In total, crypto-related PACs and other groups tied to the industry reeled in over $245 million, according to Federal Election Commission data. Crypto accounted for nearly half of all corporate dollars that flowed into the election, according to nonprofit watchdog Public Citizen. Advocacy group Stand With Crypto Alliance, which Coinbase launched last year, developed a grading system for House and Senate races across the country as a way to help determine where money should be spent.