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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The post Bernie Moreno Achieved Victory by Defeating Senator Sherrod Brown appeared first on Coin Engineer.