Reports indicate that crypto lobbyists are spending around $800,000 daily to remove Ohio Democratic Senator Sherrod Brown from office. Brown is well-known for his critical stance towards the cryptocurrency sector.
Massive Support from the Crypto Sector
According to Rolling Stone, crypto political groups plan to spend $32 million between August 22 and the end of September to support Brown’s Republican challenger, businessman Bernie Moreno. This investment could provide Moreno with a significant advantage in his campaign to replace Brown. These funds are reportedly being funneled through the Defend American Jobs group, a subsidiary of Fairshake, a crypto-focused political action committee (PAC) funded by Coinbase, Ripple, and Andreessen Horowitz. These groups aim to protect the interests of the crypto sector in the political arena.
Senator Brown’s Anti-Crypto Stance
The crypto advocacy group Stand With Crypto has given Brown an 'F' grade, indicating his strong opposition to cryptocurrency. Brown voted against a House Resolution aimed at reversing the SEC’s guidance on showing digital assets as liabilities on balance sheets. Known as SAB 121, this guidance suggests that companies should report crypto assets held on behalf of customers as liabilities. This regulation is seen as significant, as it could affect the financial reporting of crypto companies.
Focus of Criticisms
Brown is notorious for his harsh criticisms of the crypto sector, having referred to the crypto market as a 'complex and unregulated money pit' at the end of 2022.
The intense efforts of crypto lobbyists against Brown reflect the industry’s desire to enhance its political influence. This situation highlights the crypto industry’s concerns regarding regulations and its ambition to shape its political future.
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