Bernie Moreno’s crypto dream in the Ohio Senate race
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Ohio Senate candidate Bernie Moreno speaking Monday at Messari Mainnet, a crypto event in New York. Photo: Brady Dale/Axios
The bags of money pouring in from crypto types to Bernie Moreno's Ohio Senate bid will eventually make the race look more like the top of the ticket, where fellow Republican Donald Trump is polling much stronger in the Buckeye State, Moreno says.
Why it matters: Ohio represents one of Republicans' best chances to flip a Democratically held seat, and the race is on track to be the nation's most expensive congressional contest this cycle.
What they're saying: Moreno's polling difference with Trump is "all name ID," Moreno tells Axios Monday at Messari Mainnet, a crypto event in New York.
- There's no one who doesn't have an opinion about Trump, but there are still people who don't know Moreno.
- "That's what's got to be cured. That's what we're curing. That's what the money that's invested in my race is making happen," he says.
State of play: A new New York Times / Siena Poll has Trump at 50% to 44% over Kamala Harris. Moreno, the Republican challenger to Senate Banking Chairman Chairman Sherrod Brown, trails 43% to 47%.
- "It's a dog fight," he tells Axios about his own race. "Nobody thought it would be a dog fight a year ago."
- "The story really that matters is that [Brown] hasn't gotten above 47%," he argued. "The undecideds will break for me."
Between the lines: The blockchain industry has given fervent financial support for Moreno, in the hopes of sending the message that it's better not to cross crypto.
- The Ohio businessman has a blockchain background. He founded Champ Titles, which puts car titles on a blockchain. (He sold his share of the company when he decided to run for the Senate.)
By the numbers: Since turning to the Ohio Senate race in mid-August, Defend American Jobs — one of several super PACs backed by crypto executives and investors — has spent $37.1 million on ads as of September 25, according to AdImpact data.
- That's $10.5 million more than the next biggest ad buy over that same period for either candidate: $26.6 million by Senate Leadership Fund, a PAC affiliated with Minority Leader Mitch-McConnell.
- Defend American jobs launched an ad Wednesday quoting a small business owner describing Moreno as "kind and generous," and adding, "Ohio needs him in the Senate."
- Ad spending on behalf of Moreno has already topped $195 million, while spending on behalf of Brown has surpassed $174 million.
The big picture: Brown is a natural high-profile target for an industry looking to make its mark as a power player in Washington.
- Digital assets fall under the Banking panel's jurisdiction, and Stand With Crypto, a grassroots advocacy group initiated by Coinbase, has given Brown an "F" rating.
- By contrast, should Republicans win a majority on Election Day, Sen. Tim Scott (R—SC) — who views the industry much more favorably — is in line to take the helm of the panel.
Yes, but: A Brown loss wouldn't necessarily mean a more friendly landscape for crypto on Capitol Hill.
- If Brown goes, the industry's No. 1 enemy, Massachusetts Senator Elizabeth Warren, would likely replace him as the top Democrat on the panel.
— Axios' Stef W. Kight contributed to this article.
