Bernie Moreno, a name few associated with politics prior to 2023, has emerged as a formidable figure in the political arena after a decisive victory over Democratic incumbent Sherrod Brown.
Moreno, a former car dealership owner from Cleveland, Ohio, overcame his lack of political experience and a previous failed Senate bid in 2022 to become one of the most prominent pro-crypto voices in Congress. Backed by a staggering $40 million in campaign contributions from the cryptocurrency industry, Moreno’s victory was part of a broader effort to reshape Congress with crypto-friendly legislators.
According to Public Citizen, this accounted for nearly half of all corporate contributions during the elections.
This financial backing wasn’t an isolated occurrence. Data from the Federal Election Commission reveals that cryptocurrency-related Political Action Committees (PACs) and affiliated groups poured over $245 million into the 2024 election cycle.
As a result, nearly 300 pro-crypto lawmakers are set to take office, providing the industry with unprecedented legislative influence.
Key to this success was the advocacy group Stand With Crypto Alliance, launched by Coinbase, which developed a strategic grading system to direct funding toward House and Senate candidates who supported blockchain innovation.
Instead, the crypto industry focused on shaping the electoral landscape to secure a more favorable Congress. Moreno’s campaign benefited from the insights and endorsements of Silicon Valley heavyweights, including Marc Andreessen and Ben Horowitz.
The approach was markedly different from that of Big Tech, which historically funneled millions into post-election lobbying.
The crypto lobby’s strategy was clear-cut: amass significant funds, invest in targeted advertising, and frame candidates as either allies or adversaries of the sector.