WASHINGTON, DC — Bernie Moreno’s victory in the Ohio Senate race was a big victory for the cryptocurrency industry, which spent more than $40 million to support his candidacy. Now in office, Moreno said he would support legislation sought by the industry that would govern how it is regulated.
What you need to know
- Senator Bernie Moreno said he would support new legislation governing how the cryptocurrency industry is regulated.
- The crypto industry has spent tens of millions of dollars supporting Moreno in the Ohio Senate race.
- Moreno’s support for laws sought by crypto interests stands in stark contrast to his Democratic predecessor, former Sen. Sherrod Brown.
Moreno has been involved in the crypto industry for a long time. He has experience in blockchain, the same technology used for cryptocurrency. He previously founded Champ Titles, a digital car title company that was among the first to use blockchain for digital titles.
The cryptocurrency industry also contributed to his Senate victory. Super PAC Defend American Jobs spent $40.1 million on the race, more than any other outside group. The super PAC is affiliated with Fairshake, another super PAC funded by Coinbase, Ripple and other crypto companies.
Moreno’s support for laws sought by crypto interests stands in stark contrast to that of his Democratic predecessor, former Sen. Sherrod Brown.
As chairman of the Senate Banking Committee, Brown blocked the advancement of a bill to ease regulation of certain crypto assets, known as Financial Innovation and Technology for the 21.st Century Act, or FIT 21. The bill would reclassify many types of cryptocurrencies as commodities rather than securities. The rules applicable to commodities, such as oil, wheat or electricity, are generally more flexible than those applicable to financial securities such as stocks or bonds. The bill passed the House last Congress but remained stuck in the Senate Banking Committee.
Moreno now serves on the Banking Committee, as well as the Senate Homeland Security and Governmental Affairs committees; Commerce, science and transport; Budget; and Banking, Housing and Urban Affairs.
“I got the assignments I wanted on the committee,” Moreno said. “Senator Thune was kind enough to enroll me in banking.”
Moreno disagreed with the stance Brown took against legislation like FIT 21, countering that the rapidly growing cryptocurrency sector needed better regulatory clarification.
“Crypto is not looking to be deregulated. Crypto seeks to be treated fairly, to have transparent and consistent regulations that treat everyone equally and fairly. This is what we want,” he said. “Look, at the end of the day, I understand how technology works and I understand the industry. My opponent had no idea.
With a new Congress, the House is expected to reintroduce and pass another cryptocurrency regulation bill. FIT 21 had already received bipartisan support, with almost all Republicans and about a third of Democrats voting in favor.
Similar legislation would likely pass more quickly in this Congress, in which Republicans control the House, Senate and White House.
