Crypto's Big Bet: How Money Changed the Senate

In the 2024 elections, the crypto industry made a calculated gamble. They spent big, targeting candidates who supported their cause and aiming to oust those who didn't. Among these targets was Ohio Senator Sherrod Brown, who was defeated by political newcomer Bernie Moreno. Moreno, a former car salesman, received a massive $40 million from the crypto industry. This election cycle saw crypto groups pouring in over $245 million, making up nearly half of all corporate election spending. The industry-backed Stand With Crypto Alliance graded races to decide where to spend, and their strategy was simple: raise cash, buy ads, and back crypto-friendly candidates. Coinbase played a significant role, giving over $75 million to a super PAC called Fairshake, which exclusively supported pro-crypto candidates. Moreno's victory, along with many others, gave the crypto industry unprecedented influence over the legislative agenda.