Chuck Schumer is up to his ears in problems trying to hold onto Senate control.
It’s worse than he ever could have imagined.
And Chuck Schumer was hit with a nasty surprise that could cost him everything in 2024.
Cryptocurrency PAC spends $12 million against a vulnerable Senate Democrat
The nascent cryptocurrency industry is having to fight back against federal government regulations that could deal it a crippling setback.
Securities and Exchange Commission (SEC) Chair Gary Gensler has been on an offensive against the crypto industry.
One of his top allies in the Biden-Harris administration war on crypto has been U.S. Senator Sherrod Brown (D-OH).
Brown – the chairman of the Senate Committee on Banking – has used his post to block legislation that could help the industry.
He’s warned that “crypto appeals to crime rings and scam artists.”
The Ohio lawmaker has pointed to the Biden Justice Department claim that crypto is being used by Middle Eastern terrorists and poses a national security threat.
Now, his hostility to digital assets could come back to bite him.
Brown is running for re-election this year in one of the most hotly contested Senates in the country.
A super PAC funded by the crypto industry, Defend American Jobs, announced that it was going to spend at least $12 million backing his Republican challenger, Bernie Moreno.
Moreno – who was endorsed by former President Donald Trump – transitioned from being a car dealer to owning a tech company, Ownum, that uses blockchain.
Blockchain is the digital ledger technology used in cryptocurrencies like Bitcoin.
He’s voiced his support for the use of Bitcoin.
“Until the financial world realizes their system needs an overhaul, Bitcoin will continue to grow and become widely accepted,” Moreno said in 2022.
It takes three to five days to wire money internationally and massive fees are charged. It happens instantaneously with #bitcoin with zero fees.
Until the financial world realizes their system needs an overhaul, Bitcoin will continue to grow and become widely accepted.
— Bernie Moreno (@berniemoreno) March 26, 2022
Ohio is a crucial Senate race
Moreno has used the crypto issue to attack Brown in the race.
“A career politician like Sherrod Brown has absolutely no idea how digital currencies work and is the least qualified person possible to regulate the industry,” Moreno said in a statement. “Innovation is what built America into the greatest country on earth. Sadly, left-wing extremists like Brown want more government control to restrict the ability of Americans to invest freely in cryptocurrencies.”
Brown welcomed a brawl with the crypto industry.
“Bring ’em on,” Brown told reporters last year.
Senate Democrats are clinging to a narrow 51-49 majority heading into the election.
One seat is virtually guaranteed to flip Republican in West Virginia after U.S. Senator Joe Manchin (I-WV) opted not to run for re-election.
Republicans would only need to win one seat to reach 51 and the majority.
Brown is running in Ohio, which Trump carried by eight points in the 2020 Election.
He already had an uphill race in a Republican-leaning state that’s going to be carried by Trump again.
Now, the crypto industry is going to train its fire on him.
Opposition to Bitcoin could help put Senate Majority Leader Chuck Schumer (D-NY) back into the minority.
