Republican

Chair

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/crypto-lobbyists-battle-to-oust-senator-sherrod-brown/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Crypto Lobbyists Battle to Oust Senator Sherrod Brown</a><br></p>
<p style="text-align: justify">Reports indicate that crypto lobbyists are spending around $800,000 daily to remove Ohio Democratic Senator Sherrod Brown from office. Brown is well-known for his critical stance towards the <a href="https://en.coin-turk.com/analyst-predicts-bitcoin-will-reach-new-all-time-high/" data-wpel-link="internal" rel="noopener noreferrer nofollow">cryptocurrency</a> sector.</p>
<h2 id="massive-support-from-the-crypto-sector-for-a-rival">Massive Support from the Crypto Sector for a Rival</h2>
<p style="text-align: justify">According to Rolling Stone, crypto political groups plan to spend $32 million between August 22 and the end of September to support Brown’s Republican challenger, businessman Bernie Moreno. This investment could provide Moreno with a significant advantage in his campaign to replace Brown.</p>
<p style="text-align: justify">These funds are reportedly being funneled through the Defend American Jobs group, a subsidiary of Fairshake, a crypto-focused political action committee (PAC) funded by <a href="https://en.coin-turk.com/ftx-makes-critical-change-in-3-4-billion-crypto-sale-plan/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Coinbase</a>, Ripple , and Andreessen Horowitz. These groups aim to protect the interests of the crypto sector in the political arena.</p>
<h2 id="senator-brown-s-anti-crypto-stance">Senator Brown’s Anti-Crypto Stance</h2>
<p style="text-align: justify">The crypto advocacy group Stand With Crypto has given Brown an “F” grade, indicating his strong opposition to cryptocurrency. Brown voted against a House Resolution aimed at reversing the SEC’s guidance on showing digital assets as liabilities on balance sheets.</p>
<p style="text-align: justify">Known as SAB 121, this guidance suggests that companies should report crypto assets held on behalf of customers as liabilities. This regulation is seen as significant, as it could affect the financial reporting of crypto companies.</p>
<h2 id="focus-of-criticisms">Focus of Criticisms</h2>
<p style="text-align: justify">Brown is notorious for his harsh criticisms of the crypto sector, having referred to the <a href="https://en.coin-turk.com/crypto-trading-volume-surge-on-robinhood/" data-wpel-link="internal" rel="noopener noreferrer nofollow">crypto market</a> as a “complex and unregulated money pit” at the end of 2022.</p>
<blockquote>
 <p>Sherrod Brown: “Throughout my eight and a half years as Chair of the Banking, Housing, and Urban Affairs Committee, I have warned my colleagues and the public about the dangers of crypto. I have spent my years educating them on the threats that crypto poses to our national security and to deceived consumers.”</p>
</blockquote>
<p style="text-align: justify">The intense efforts of crypto lobbyists against Brown reflect the industry’s desire to enhance its political influence. This situation highlights the crypto industry’s concerns regarding regulations and its ambition to shape its political future.</p>
<p>The post <a href="https://en.coin-turk.com/crypto-lobbyists-battle-to-oust-senator-sherrod-brown/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Crypto Lobbyists Battle to Oust Senator Sherrod Brown</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.</p>

Crypto Lobbyists Battle to Oust Senator Sherrod Brown

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