{"id":16062,"date":"2024-11-06T15:53:10","date_gmt":"2024-11-06T16:53:10","guid":{"rendered":"http:\/\/medexperts.pro\/?p=16062"},"modified":"2024-11-06T17:26:11","modified_gmt":"2024-11-06T17:26:11","slug":"the-crypto-industrys-spending-on-the-election-pays-off","status":"publish","type":"post","link":"https:\/\/medexperts.pro\/?p=16062","title":{"rendered":"The Crypto Industry\u2019s Spending on the Election Pays Off"},"content":{"rendered":"
<\/div>\n

The spending spree fueled a string of victories on Tuesday for congressional candidates who had expressed support for cryptocurrencies.<\/p>\n

\n
\n
\n

Locked in a tight race for the U.S. Senate in Ohio, the Republican candidate Bernie Moreno<\/a> got a major boost in the weeks before the election: $40 million from the cryptocurrency industry.<\/p>\n

The money, which funded ads<\/a> that aired across Ohio, was the most ambitious effort in an audacious multistate campaign by crypto firms to influence dozens of crucial congressional races. On Tuesday, that push was rewarded as Mr. Moreno, a longtime crypto enthusiast, defeated Senator Sherrod Brown, a Democrat who chairs the influential Senate Banking Committee and has called for strict oversight of crypto companies.<\/p>\n

\u201cThe crypto army is striking,\u201d Tyler Winklevoss, a crypto executive, cheered<\/a> on social media. A spokesman for the leading crypto super PAC blasted out the Ohio results in an email with the subject line: \u201cCrypto\u2019s big bet pays off.\u201d<\/p>\n

The crypto industry treated this year\u2019s election as a pivotal moment<\/a>, spending tens of millions of dollars to support candidates who favored softer regulations for the sector. A super PAC called Fairshake and two related organizations, Protect Progress and Defend American Jobs, spent a total of about $135 million, financed by donations from the crypto companies Coinbase and Ripple and the venture capital firm Andreessen Horowitz, which has backed over 100 crypto start-ups.<\/p>\n<\/div>\n<\/div>\n

<\/div>\n
\n
\n

The effort amounted to one of the most aggressive corporate spending sprees in modern political history, experts said. And it appears to have paid off handsomely.<\/p>\n

A tracker run by Stand With Crypto<\/a>, an industry group that vets politicians, said that 253 pro-crypto candidates had been elected to the House of Representatives on Tuesday, compared with 115 anti-crypto candidates. In the Senate, 16 pro-crypto candidates and 12 anti-crypto candidates were elected, the tracker said.<\/p>\n

\n
\n
<\/div>\n
\n
\n
\n

We are having trouble retrieving the article content.<\/p>\n

Please enable JavaScript in your browser settings.<\/p>\n<\/div>\n<\/div>\n

\n
\n

Thank you for your patience while we verify access. If you are in Reader mode please exit and\u00a0log into<\/a>\u00a0your Times account, or\u00a0subscribe<\/a>\u00a0for all of The Times.<\/p>\n

\n<\/div>\n
\n
\n

Thank you for your patience while we verify access.<\/p>\n

Already a subscriber?\u00a0Log in<\/a>.<\/p>\n

Want all of The Times?\u00a0Subscribe<\/a>.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"

The spending spree fueled a string of victories on Tuesday for congressional candidates who had expressed support for cryptocurrencies.Locked in a tight race for the U.S. Senate in Ohio, the Republican candidate Bernie Moreno got a major boost in the weeks before the election: $40 million from the cryptocurrency industry.The money, which funded ads that aired across Ohio, was the most ambitious effort in an audacious multistate campaign by crypto firms to influence dozens of crucial congressional races. On Tuesday, that push was rewarded as Mr. Moreno, a longtime crypto enthusiast, defeated Senator Sherrod Brown, a Democrat who chairs the influential Senate Banking Committee and has called for strict oversight of crypto companies.\u201cThe crypto army is striking,\u201d Tyler Winklevoss, a crypto executive, cheered on social media. A spokesman for the leading crypto super PAC blasted out the Ohio results in an email with the subject line: \u201cCrypto\u2019s big bet pays off.\u201dThe crypto industry treated this year\u2019s election as a pivotal moment, spending tens of millions of dollars to support candidates who favored softer regulations for the sector. A super PAC called Fairshake and two related organizations, Protect Progress and Defend American Jobs, spent a total of about $135 million, financed by donations from the crypto companies Coinbase and Ripple and the venture capital firm Andreessen Horowitz, which has backed over 100 crypto start-ups.The effort amounted to one of the most aggressive corporate spending sprees in modern political history, experts said. And it appears to have paid off handsomely.A tracker run by Stand With Crypto, an industry group that vets politicians, said that 253 pro-crypto candidates had been elected to the House of Representatives on Tuesday, compared with 115 anti-crypto candidates. In the Senate, 16 pro-crypto candidates and 12 anti-crypto candidates were elected, the tracker said.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and\u00a0log into\u00a0your Times account, or\u00a0subscribe\u00a0for all of The Times.Thank you for your patience while we verify access.Already a subscriber?\u00a0Log in.Want all of The Times?\u00a0Subscribe.<\/p>\n","protected":false},"author":1,"featured_media":16064,"comment_status":"close","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-16062","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology"],"_links":{"self":[{"href":"https:\/\/medexperts.pro\/index.php?rest_route=\/wp\/v2\/posts\/16062","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/medexperts.pro\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/medexperts.pro\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/medexperts.pro\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/medexperts.pro\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=16062"}],"version-history":[{"count":2,"href":"https:\/\/medexperts.pro\/index.php?rest_route=\/wp\/v2\/posts\/16062\/revisions"}],"predecessor-version":[{"id":16065,"href":"https:\/\/medexperts.pro\/index.php?rest_route=\/wp\/v2\/posts\/16062\/revisions\/16065"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/medexperts.pro\/index.php?rest_route=\/wp\/v2\/media\/16064"}],"wp:attachment":[{"href":"https:\/\/medexperts.pro\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=16062"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/medexperts.pro\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=16062"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/medexperts.pro\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=16062"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}