Industry influence will play a major role in Senate races as crypto exerts huge influence on 2024 elections. But what are the most important ones to follow?
Trump vs. Harris isn’t the only game in town.
While the US presidential election is grabbing headlines, crypto is also playing a major role in the 2024 Senate races. The industry has pumped $174 million into supporting candidate campaigns to help get friendly policies past the Senate floor — and it’s working.
This week anti-crypto firebrand Elizabeth Warren clashed with John Deaton, whose campaign received $1.7 million from crypto-aligned donors.
In the one-hour debate, Massachusetts fighters tackled abortion rights, Ukraine and crypto — a victory for the industry that lacks evidence that many voters care.
Warren reiterated Her attitude He said crypto is a tool for terrorists and drug traffickers and the industry should be bound by the same rules as banks and brokers.
Warren is very popular in his state, and Deaton has little chance of winning.
However, 34 of the Senate’s 100 seats are up for grabs in November, and the crypto industry is backing many of these races.
Here are six key races to watch out for.
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Ohio
This is a highly consequential Senate race — and crypto will play a big role.
If populist Democrat Sherrod Brown loses his seat to former used car dealer Bernie Moreno, his party’s chances of holding onto the Senate are pretty much nil. Brown is a stickler A narrow pole lead On Moreno in an increasingly conservative state.
Brown is almost as scathing about the industry as his friend Warren. He chairs the Senate Banking Committee, and crypto sees him as a major obstacle to finalizing industry-friendly legislation.
Moreno, on the other hand, said he would make Cleveland the blockchain capital and that America’s founding fathers were bitcoins.
The industry was shocked $40 million Moreno into the campaign
Michigan
After a political career spent largely critical of crypto, Michigan Rep. Elissa Slotkin has made a late-day pivot.
She was one of the Democrat lawmakers who voted to pass the pro-crypto FIT21 Act through the House of Representatives in May.
She’s reaped rewards — crypto political action committees have donated $10 million to her campaign against Republican Mike Rogers, a key swing state in which retiring Democratic Sen. Debbie Stabenow. Slatkin leads Rogers at the polls.
However, it is perhaps odd that crypto donors are funding Slotkin. Rogers is also supportive of crypto and, unlike Slotkin, has been for years.
Rogers expected PACs need to find a supportive Democrat to fund them.
Crypto PACs are keeping their spending on candidates roughly equal between parties, recognizing that legislation is easier to pass if it is bipartisan.
Arizona
Arizona is another state that Democrats must win in order to take control of the Senate.
Here, too, the industry lined up behind Democrat Ruben Gallego. Crypto PACs have donated $10 million to his campaign.
A former Marine and US representative for Arizona’s third congressional district, Gallego is facing radical candidate Kari Lake. The race is on to succeed independent Senator Kirsten Sinema, who is retiring.
Gallego didn’t say much about crypto, but voted to pass the FIT21 law.
Lake, a close friend of Trump, Even Pro-Crypto.
Montana
In Montana, incumbent Democrat John Tester is battling Republican challenger Tim Sheehy.
Crypto Lobby Group Stand With Crypto Ranks Tester neutral towards the industry and Sheehy It was strongly supported by his comments that it was a driver of innovation.
Pennsylvania
In Pennsylvania, Democratic Senator Bob Casey is facing off against Dave McCormick. While Casey Appears to be neutral in crypto, McCormick He seems to be a strong supporter of it.
“Crypto and blockchain have the potential to create tremendous jobs for our commonwealth and strengthen our national security,” he said. Said In September. “We need leaders who will embrace it and ensure America leads the world in another generation of critical innovation.”
Wisconsin
In Wisconsin, Democratic Senator Tommy Baldwin voted against SAB 121 against crypto.
Her opponent, Eric Hovde, is more optimistic about the industry. He is has He says he supports Bitcoin and decentralized finance, but he wants to see stronger regulation to protect investors from another FTX.
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