Cryptocurrency-backed candidates score big wins in US Senate elections
In the recent US elections, several cryptocurrency-backed political action committees focused on congressional elections rather than supporting presidential candidates.
Despite this, some of the new faces in Washington in January were successful thanks to the support of the #cryptocurrency industry.
The new senator from West Virginia, Jim Justice, won nearly 68% of the vote, and the cryptocurrency organization Defend American Jobs poured more than $3 million into his support. Justice advocated for a balanced cryptocurrency market structure that promotes innovation while protecting investors.
In Texas, Julie Johnson defeated Republican Darrell Day in the 32nd congressional district, and Protect Progress invested nearly $1 million in her campaign. Johnson said she intends to develop clear regulations to ensure that the crypto industry thrives for the benefit of Americans.
Republican Bernie Moreno's narrow victory over Sen. Sherrod Brown in Ohio was another cryptocurrency victory: Defend American Jobs backed Moreno, investing more than $34 million. Moreno's stance on #cryptocurrencies contrasts with that of Brown, who has criticized some cryptocurrency regulations.
Democrat Adam Schiff, a congressman turned senator, has also received significant cryptocurrency support, with FairShake PAC investing more than $10 million in his campaign. Schiff has an A rating from Stand With Crypto and supports the 21st Century Financial Innovation and Technology Act, but, like Brown, does not support repealing the SEC's SAB 121 accounting rules.
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