- The crypto industry is closely watching Senate races in Ohio, Montana, Pennsylvania, Wisconsin, and Massachusetts, as they are seen as key to getting pro-crypto lawmakers into office.
- Races highlighted include Ohio’s Brown vs. Moreno, Massachusetts’ Warren vs. Deaton, Montana’s Tester vs. Sheehy, Pennsylvania’s Casey vs. McCormick, and Wisconsin’s Baldwin vs. Hovde.
- The crypto industry has funneled around $240 million to back candidates in these races, with the aim of influencing crypto-related legislation in the next Congress.
With vote counting underway across the United States, the crypto industry is keeping a close eye on key Senate races that could impact future crypto regulations.
Ohio: Sherrod Brown vs Bernie Moreno
Incumbent Democrat Senator Sherrod Brown, who chairs the powerful Senate Banking Committee, faces Republican challenger Bernie Moreno. Moreno is a blockchain entrepreneur who has promised to provide regulatory clarity for the crypto industry if elected. Polls show this race is still a toss up.
Massachusetts: Elizabeth Warren vs John Deaton
Incumbent Democrat Senator and notable crypto critic Elizabeth Warren faced Republican challenger John Deaton, a crypto lawyer who advocated for Ripple in their legal battle against the SEC. Despite Deaton’s backing from major crypto players, Warren won reelection handily according to early results.
Montana: Jon Tester vs Tim Sheehy
Incumbent Democratic Senator Jon Tester, who sits on the Senate Banking Committee, is being challenged by Republican Tim Sheehy. Sheehy has promised to ban any potential central bank digital currency if elected. Polls show Sheehy with a slight lead over Tester.
Pennsylvania: Bob Casey Jr vs Dave McCormick
Incumbent Democrat Bob Casey Jr faces Republican challenger Dave McCormick, who was endorsed by Coinbase’s CEO. Both candidates hold seats on key Senate committees that could shape crypto regulations. Polling shows a very tight race.
Wisconsin: Tammy Baldwin vs Eric Hovde
Incumbent Democrat Tammy Baldwin is nearly tied with Republican challenger Eric Hovde according to recent polls. While both candidates have made statements on crypto, the industry likely views Hovde as more crypto-friendly overall.
With multiple tight races, it could take days to determine the final makeup of the new Senate and how it could impact future crypto regulations. The industry will be watching closely.
