Republican Bernie Moreno has won the U.S. Senate race, defeating incumbent Democratic Senator Sherrod Brown. Moreno secured 50.6% of the vote, while Brown received 46%, according to The Associated Press.
Moreno, a crypto-friendly businessman who co-founded ChampTitles, a blockchain-based car title company, made strong statements in favor of the cryptocurrency industry during his campaign.
Source: Associated Press
He pledged to “lead the fight to defend crypto in the U.S. Senate,” criticizing longtime politicians like Sherrod Brown for being “unqualified to regulate” digital assets. Moreno’s win marks a shift in the Senate, as he joins a growing group of lawmakers who support crypto innovation.
Brown, who served in the Senate since 2007, has been a vocal critic of cryptocurrency. As chair of the Senate Banking Committee, he pushed for stricter regulations on crypto, citing concerns over terrorism financing and sanctions evasion. His loss means the powerful chair position of the Senate Banking Committee is now up for grabs.
With Republicans taking the Senate majority, Senator Tim Scott of South Carolina is expected to become the new chair of the committee. Scott has shown support for crypto, even proposing a digital asset subcommittee and working on a framework to regulate the industry.
Moreno’s victory and the shift in Senate leadership could lead to a more crypto-friendly environment in Washington, influencing future regulations on the digital asset space.
