Crypto lobbyists are reportedly spending $800,000 a day to unseat Democratic Senator Sherrod Brown of Ohio, an outspoken critic of the digital asset industry.
Rolling stone reports crypto-political groups plan to spend $32 million between August 22 and the end of September to boost Brown’s opponent, Republican businessman Bernie Moreno.
Money is pouring into the race from a group called Defend American Jobs, a group that Rolling Stone reports is “basically a subsidiary” of Fairshake, a crypto-focused political action committee (PAC) funded by Coinbase, Ripple and Andreessen Horowitz.
The digital asset advocacy group Stand With Crypto gives Brown was given an ‘F’ rating, indicating that the incumbent senator is ‘strongly anti-crypto’.
Brown voted against pro-crypto House of Representatives Resolution 109which would have reversed the U.S. Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin (SAB) 121.
SAB 121 is guidance stating that certain companies must label digital assets as liabilities on their balance sheets, even if they simply hold them for customers.
The House resolution passed the House and Senate earlier this year but was vetoed by President Joe Biden in May.
Brown has also made a slew of public comments critical of the digital assets sector. In late 2022, the senator said the crypto market was a “complicated, unregulated pot of money.”
“I have spent much of the last eight and a half years in this role as Chairman of the Committee on Banking, Housing and Urban Affairs, educating my colleagues and trying to educate the public about crypto and the dangers posed it entails for our safety. as a nation and the consumers who are misled by it.”
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