Tomorrow will decide major Senate race in US crypto’s election efforts

This is a segment from the Forward Guidance newsletter.

It’s Election Day Eve! I certainly don’t envy the campaign workers (or the candidates) for that matter, during these crucial final hours.

The Blockworks news team will be working late tomorrow providing you with all the updates on the most influential races and market moves. But for now, here’s a quick preview of a key Senate race I’ve been following closely.

Senator Sherrod Brown will face off against Republican challenger Bernie Moreno, who is vying for his US Senate seat.

Brown, the current chair of the Senate Banking Committee, has largely been seen by the crypto industry as an adversary. He holds a central position in deciding which pieces of legislation make it to committees for markup and to the floor for a vote, and he hasn’t exactly been pushing for crypto-focused bills. Brown was also not one of the 12 Democratic Senators who voted to overturn the SEC’s SAB 121 bill.

Moreno, a car salesman, captured the industry’s attention when he went up against a key member of the so-called “anti-crypto army.” Plus, he’s made crypto a central part of his messaging on the campaign trail, vowing to block a CBDC and fight against those looking to “destroy crypto.”

Defend American Jobs, a Fairshake-associated crypto super PAC, has spent more than $19 million supporting Moreno through the end of August, federal filings show.

Now, as the race heads into the eleventh hour, things are looking tight. As of Nov. 1, Brown currently leads by just 0.3% in an average of national polls.

Source