Crypto Super PACs place bets in both parties
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Super PACs organized to defend the cryptocurrency industry announced their entrance into three Senate races on Tuesday, and one of them is super close: Sen. Sherrod Brown's (D-Ohio) bid for re-election.
Why it matters: Brown is the chair of the Senate Committee on Banking, Housing, and Urban Affairs, which has oversight of the Securities and Exchange Commission.
- The senator has called for a crackdown on cryptocurrency's utility for bad actors and its financial riskiness, while defending the current regulatory scheme.
- He has, at times, made noises about collaboration however, such as on stablecoins (the technology's strongest use case to date) and clarifying regulatory authority.
By the numbers: Defend American Jobs announced today that it is setting aside about $12 million to spend on electing Bernie Moreno, Brown's challenger this year.
- Moreno was endorsed by former president Donald Trump over his primary challenger.
- Ohio's Senate race has already become the most expensive in the nation.
In addition, the organization's sister PAC, Protect Progress, announced $3 million to support two Democrats running for the Senate: Rep. Ruben Gallego, in Arizona, and Rep. Elisa Slotkin, who just won the Democratic Senate primary in Michigan.
- (Slotkin made a pre-recorded appearance on last night's Crypto4Harris call.)
Zoom out: These two PACs are affiliated with Fairshake, an umbrella organization with $200 million in funding to support electoral efforts.
- Earlier this month, it announced 18 endorsements in House races, nine for Republicans and nine for Democrats.
