Crypto execs, investors and evangelists saw the election as existential to an industry that spent the past four years simultaneously trying to grow up while being repeatedly beaten down.
Moreno's rise from unsung Ohio businessman to prominent political leader was no accident. His campaign was backed by $40 million from the cryptocurrency industry as part of a highly targeted effort to get friendly candidates elected and, perhaps more importantly, its critics removed. Moreno's victory was one of the Senate seats Republicans flipped to take control of the chamber.
Crypto companies and their executives mobilized rapidly, and they successfully figured out how to deploy their cash through a sophisticated ad machine across the country. They also took cues from what big tech got wrong. Rather than spending hundreds of millions of dollars on lobbying legislators post-election, the crypto industry invested in targeting their opponents ahead of the election so they wouldn't have to deal with them at all the next few years.
Meanwhile, Sen. Brown sided with the expressly anti-crypto Sen. Elizabeth Warren, D-Mass., in targeting crypto for allegedly funding terrorist organizations, including Hamas. Brown became more vocal in calling for crackdowns of the industry after the failure of crypto exchange FTX in late 2022. "What they didn't want was to put time, effort and energy behind somebody who, at the end, would be a disappointment," Moreno said.
Moreno was out of cash after spending all he had on a tough and expensive primary, said David McIntosh, an early backer of Moreno's Senate bid and president of the Club for Growth, a conservative organization that focuses on American economic issues. Fairshake played a crucial role for Moreno's campaign starting in the summer, McIntosh said.
"Crypto thematically is a change issue," Shirzad said. "It appeals to not only a younger demographic, but it also appeals to voters who want to change."
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