JD Vance has won the Republican Senate primary in Ohio, making him the GOP’s nominee in the highly anticipated Senate battle between Democrat Tim Ryan and crypto-friendly candidates from both parties.
According to the Guardian, Vance’s victory on Tuesday may have been aided by a last-minute endorsement from former President Donald Trump on April 23, which helped him defeat projected front-runner, former state treasurer Josh Mandel.
Vance and Mandel both favor cryptocurrency, with Mandel famously tweeting, “Ohio must be a pro-God, pro-family, pro-Bitcoin state.”
Vance has revealed Bitcoin (BTC) assets worth up to $250,000, which, according to CoinGecko, equates to around 6.5 coins today. Through a Super PAC, he was also funded by Bitcoin proponent and billionaire investor Peter Thiel. According to Bloomberg, Thiel gave $3.5 million to the Protect Ohio Values Super PAC.
Meanwhile, Democrat Tim Ryan supports a bill that simplifies the digital asset tax reporting requirements.
According to CNBC’s report published on May 3, bitcoin investors significantly impacted the impending midterm elections in November. The most powerful looks to be Sam Bankman-Fried, the CEO and founder of the crypto exchange FTX (SBF).
Since the 2008 presidential election, when he was the second most significant financial supporter of President Joe Biden’s campaign, SBF has been a prominent political donor.
Political Action Committee
Protect Our Future PAC is a new Political Action Committee (PAC) founded by SBF. As of March 31, it had raised over $14 million, according to CNBC, and it might be utilized to have a significant impact on the forthcoming elections. There are also the GMI PAC and the HODL PAC, both of which have $6.3 million in their coffers and are sponsored by other FTX employees in support of midterm candidates.
On the other hand, candidates who have chosen not to accept funds from PACs may be concerned about the amount of cryptocurrency floating around. Nina Turner, a Democratic candidate for the Ohio State House of Representatives, tweeted on April 15 that she “is not for sale,” referring to her opponent (and eventual winner) Shontei Brown. They accepted PAC money for her campaign.
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