Chuck Darwin<p>Crypto Comes For Sherrod Brown: </p><p>$32 Million in Ads Boosting His Opponent</p><p>Crypto companies are spending $800,000 a day to take out one of their chief critics in Congress — and replace him with an ally</p><p>Late 2023 was not a great time for the crypto industry. </p><p>In November, <a href="https://c.im/tags/Sam" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Sam</span></a> <a href="https://c.im/tags/Bankman" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Bankman</span></a>-<a href="https://c.im/tags/Fried" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Fried</span></a>, the founder of the FTX cryptocurrency exchange, learned that no amount of Michael Lewis gymnastics could save him from being convicted on seven charges of fraud and conspiracy. </p><p>He was eventually sentenced to 25 years in prison after disappearing $11 billion of other people’s money. </p><p>The following month, Sen. <a href="https://c.im/tags/Elizabeth" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Elizabeth</span></a> <a href="https://c.im/tags/Warren" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Warren</span></a> sent letters to three crypto industry giants, the 🔸Blockchain Association, 🔸Coin Center, and 🔸Coinbase, criticizing them for undermining efforts to rein in crypto’s use in <a href="https://c.im/tags/terrorist" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>terrorist</span></a> <a href="https://c.im/tags/financing" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>financing</span></a>.</p><p>Around the same time, crypto groups began making noises about ♦️spending money in 2024 to defeat Ohio Sen. <a href="https://c.im/tags/Sherrod" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Sherrod</span></a> <a href="https://c.im/tags/Brown" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Brown</span></a>, the current ⭐️chairman of the Senate Banking Committee. </p><p>❇️ Brown is a profound skeptic of the industry and signed off on Warren holding hearings on crypto’s possible links to terrorism. </p><p>Asked about the threats, Brown, a mop-topped Democrat with a raspy voice and wry sense of humor, said he was unconcerned.</p><p>But Brown had no idea of what was to come.</p><p>Rolling Stone has learned that crypto interests are set to spend💥 $32 million on TV ads promoting <a href="https://c.im/tags/Bernie" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Bernie</span></a> <a href="https://c.im/tags/Moreno" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Moreno</span></a>, Brown’s Republican opponent, by the end of September, according to Democratic media buyers. </p><p>The spending began on August 22 <br>— meaning 🔥the crypto interests are spending more than $800,000 per day to flip the Ohio Senate seat, and potentially control of the Senate. </p><p>“Outside groups are spending record amounts to try to defeat Sherrod because they know he will always fight for Ohio, not special interests,” said Reeves Oyster, a Brown campaign spokesperson.</p><p>So far, the ads have been primarily fluffy positive spots boosting Moreno; some of the spots fearmonger about immigrants and China. </p><p>Tracing the roots of "Defend American Jobs" can be as convoluted as tracing crypto currency itself. </p><p>The group is effectively a subsidiary of <a href="https://c.im/tags/Fairshake" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Fairshake</span></a> <br>— the second-largest fundraiser among Super PACs this season according to OpenSecrets, <br>with over $200 million in its coffers. </p><p>♦️The bulk of Fairshake’s money has been donated by three crypto monoliths: Coinbase, Andreessen Horowitz, and Ripple. </p><p><a href="https://c.im/tags/Coinbase" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Coinbase</span></a> and its affiliates have donated $86 million. </p><p>The founders of the venture capital firm <a href="https://c.im/tags/Andreessen" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Andreessen</span></a> <a href="https://c.im/tags/Horowitz" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Horowitz</span></a> have together given $44 million. </p><p><a href="https://c.im/tags/Ripple" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Ripple</span></a> has contributed $25 million. (The <a href="https://c.im/tags/Winklevoss" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Winklevoss</span></a> <a href="https://c.im/tags/Twins" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Twins</span></a>, who donated nearly $5 million to Fairshake, previously tried to donate $1 million in bitcoin to Donald Trump <br>— well beyond what is legal.)</p><p>Coinbase’s CEO <a href="https://c.im/tags/Brian" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Brian</span></a> <a href="https://c.im/tags/Armstrong" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Armstrong</span></a> has led the latest charge to bring crypto into the political mainstream, <br>hosting a Super Tuesday rally with Nas in Los Angeles where he proclaimed, <br>“More Americans own crypto than own electric vehicles or are in a union <br>— yet some people in D.C. are still underestimating how much and how many people care about crypto. </p><p>In 2024, it will become clear that being anti-crypto is bad politics.”</p><p>Rep. <a href="https://c.im/tags/Katie" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Katie</span></a> <a href="https://c.im/tags/Porter" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Porter</span></a> found that out the hard way. </p><p>During the California Democratic Senate primary, ⚠️Fairshake spent over $10 million against her campaign, apparently because she had the temerity to question the energy uses of the industry. </p><p>Porter didn’t make the runoff, losing to Adam Schiff, a longtime collaborator with crypto who received an ‘A’ rating from "Stand With Crypto", a self-described grassroots advocacy hub nonprofit led by Coinbase and fronted by Armstrong. </p><p>Porter got an ‘F.’<br><a href="https://www.rollingstone.com/politics/politics-features/sherrod-brown-crypto-bernie-moreno-millions-1235102478/" rel="nofollow noopener noreferrer" translate="no" target="_blank"><span class="invisible">https://www.</span><span class="ellipsis">rollingstone.com/politics/poli</span><span class="invisible">tics-features/sherrod-brown-crypto-bernie-moreno-millions-1235102478/</span></a></p>