Crypto-Friendly Candidate Bernie Moreno Defeats Sherrod Brown to Win Ohio Senate Race

According to The Block report, Democratic Senator and Senate Banking Committee Chairman Sherrod Brown lost the election in Ohio, defeated by crypto-friendly Republican Bernie Moreno. AP's data shows that Moreno won the Senate seat with a 50.6% to 46% margin on Tuesday evening Eastern Time. Multiple media reports indicate that the super PAC Fairshake donated $12 million to Bernie Moreno to help him defeat Sherrod Brown, who has served in the Senate since 2007. Moreno is a co-founder of ChampTitles, a company that uses Bit technology to issue vehicle titles. Moreno has made several statements about cryptocurrency, including promising in a June interview with Fox Business to "lead the charge to defend cryptocurrency in the U.S. Senate." He said, "Career politicians like Sherrod Brown and Joe Biden know nothing about cryptocurrency and have no business regulating it. They are eager to destroy cryptocurrency because they hate innovation in America." The defeated Brown has long been seen as a key figure in the cryptocurrency industry. As Senate Banking Committee Chairman, Brown controlled legislative proposals, including cryptocurrency bills. He has called for cracking down on the use of cryptocurrency to finance terrorism and evade sanctions, and has demanded that federal agencies use their existing powers to prosecute bad actors in the industry. With Brown's defeat in the election, the position of Senate Banking Committee Chairman will become vacant. Notably, the committee also has jurisdiction over the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). If the Republicans gain a majority in the Senate, South Carolina Republican Senator Tim Scott may become the chairman. Scott has also recently expressed support for cryptocurrency. In August, he proposed that if he becomes chairman, he will establish a subcommittee focused on the digital asset industry. Scott's spokesperson told The Bit that the legislator also plans to develop a framework for regulating digital assets. If the Democrats retain control of the Senate, long-time cryptocurrency opponent Senator Elizabeth Warren of Massachusetts, who defeated the Republican candidate John Deaton in the Senate election, may become the chairperson. Sources: The Bit, Cover image source: Fox News