Anti-Crypto Senate Banking Chair Sherrod Brown Impeached in Ohio

Bernie Moreno, a Republican businessman with a background in car dealerships and blockchain technology, has defeated Democratic Sen. Sherrod Brown in Ohio. The victory has important implications for both the balance of power in the US Senate and the crypto regulatory landscape.

“Another anti-crypto bites the dust,” Custodia Bank founder and CEO Caitlin Long exclaimed.

“Getting rid of Sherrod Brown is good,” commented venture capitalist Adam Cochran, who added that he was by far the worst person on the finance committee, “incredibly dishonest with his attacks on crypto and fintech.”

Getting rid of Sherrod Brown is good.

By far the worst person on the finance committee, he was incredibly dishonest with his attacks on crypto and fintech. https://t.co/krvjNgo6QM

— Adam Cochran (adamscochran.eth) (@adamscochran) November 6, 2024

A win for Crypto

Moreno drew on the support of Donald Trump and Sen. JD Vance, and his victory moves Republicans closer to potential control of the Senate. According to Bloomberg, the crypto industry spent about $40 million to defeat the 50-year veteran Brown.

In late October, Moreno said he was proud to have the support of the cryptocurrency industry, adding that if elected, he would seek to bring “regulatory certainty” to Bitcoin and other digital currencies.

He added that he supports the concept of creating a strategic Bitcoin reserve and believes that American retirement accounts should include crypto assets. Moreno successfully lobbied for Ohio to become the first state to accept Bitcoin for tax payment in 2018.

However, he lamented that he unfortunately sold his Bitcoin, dispelling the ideas he supported the crypto industry for personal gain.

Brown, a staunch ally of SEC Chairman Gary Gensler, was as vehemently opposed to the crypto industry as his banking committee colleague Elizabeth Warren.

However, in a loss for the crypto industry, Warren secured her third term as a senator from Massachusetts, defeating crypto advocate John Deaton 60% to 40%.

Sherrod Brown, Elizabeth Warren’s henchman, has been defeated @berniemoreno by the Ohio Senate. This is what happens when you mess with the crypto army.

— Cameron Winklevoss (@cameron) November 6, 2024

Donald Trump won Ohio’s 17 electoral votes with 3 million votes to Kamala Harris’ 2.4 million. Democratic Representative and former Speaker Nancy Pelosi won re-election to a House seat representing California.

Republicans win the Senate

Republicans have won control of the U.S. Senate, taking back the chamber for the first time in four years, AP reported Nov. 6.

This gives them a major power center in Washington and a major role in confirming the next president’s cabinet.

At the time of writing, Donald Trump was leading Kamala Harris with 247 electoral votes to 210. Meanwhile, Polymarket’s Trump victory odds increased to 94% on the blockchain betting platform.

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