Fairshake, a political action committee, contributed $12 million to Moreno, who defeated Brown, a senator serving since 2007. Moreno is one of the co-founders of ChampTitles, a company that leverages blockchain technology for vehicle title issuance. In June, during an interview with Fox Business, Moreno made various statements about crypto and pledged, ‘I will lead the fight to defend crypto in the U.S. Senate.’

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In a post on X where he shared the interview, Moreno stated, “Career politicians like Sherrod Brown and Joe Biden lack even the most basic knowledge about crypto and are completely inadequate in regulating it. They are obsessed with destroying crypto because they hate American innovation.”

Brown had long been known for his critical stance toward the crypto industry. As the chair of the Senate Banking Committee, he determined which laws would come to the agenda, including crypto legislation. Brown called for strict measures against the use of crypto for terrorism financing and sanctions evasion, urging federal agencies to act against bad actors in the sector.

With Brown’s loss in the election, the chairmanship of the Senate Banking Committee is now vacant. The committee also has oversight over the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

According to the Associated Press, Republicans won the majority in the Senate on Tuesday night. This strengthens the likelihood that Senator Tim Scott (R-S.C.) will take over as chair of the Senate Banking Committee. Recently, Scott has increased his support for crypto and proposed establishing a subcommittee focused on the digital asset industry if he becomes chair.

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Historically, September is known as a bearish month for Bitcoin, and this year seems to be following that trend. After starting the month on a downward trajectory, BTC fell to around $57,000 but has since recovered slightly, climbing back above $59,000 in the past 24 hours.

Investors remain cautious, concerned that Bitcoin may experience a more significant drop given the historical patterns of September. However, CryptoQuant analyst Julio Moreno has projected that Bitcoin’s closing price for the month will be $55,000.

In a post on his X account, Moreno shared that he conducted a price analysis for Bitcoin in September, simulating the price movement by factoring in historical daily returns throughout the month.

Based on his simulation, Moreno stated that the end-of-month closing price is expected to be $55,000.

He also noted that Bitcoin’s price could fluctuate between $44,000 and $66,000 during the month.

“I simulated Bitcoin’s price for September. On average, it will be slightly lower, ending the month at $55,000. Most of the price movement is expected to be within the $44,000 to $66,000 range. These simulations only consider historical daily returns for the month of September.”

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