The crypto industry has set a spending record: it spent more than $100 million over two years just to keep one person out—and that person is still leading in the polls.
CoinDesk reported on November 1 that Fairshake has spent nearly $56 million to stop former Senator Sherrod Brown from returning to the Senate. The Winklevoss brothers’ committee added another $7.2 million, bringing the crypto industry’s stake in the Ohio race to about $63 million. Two years ago, it spent around $40 million to unseat him, bringing the total over two years to more than $100 million.
It’s like slipping the building manager a red envelope to get your pipes fixed first, only to find out everyone still gets served in order. The money was spent, but your place in line didn’t change. Polls show Brown narrowly ahead of incumbent Senator Jon Husted; Kalshi, meanwhile, gives Brown a 68% chance of winning and puts the odds of Democrats retaking the Senate at 68%.
My take is that the crypto industry isn’t afraid of Brown alone; it’s worried that, if he returns, he could hold up the market structure bill again on the Agriculture Committee. The counterpoint is that its spending did help unseat him in 2024. The stablecoin bill later passed the Senate, too, suggesting that the influence bought with all that money isn’t imaginary.
Have you ever spent money and called in favors, only to still not get the decision you wanted? Was the money spent in the wrong place, or was the other person never going to change their mind?
These are solely my personal opinions and do not constitute investment advice.
#加密货币 #MidtermElections
CoinDesk reported on November 1 that Fairshake has spent nearly $56 million to stop former Senator Sherrod Brown from returning to the Senate. The Winklevoss brothers’ committee added another $7.2 million, bringing the crypto industry’s stake in the Ohio race to about $63 million. Two years ago, it spent around $40 million to unseat him, bringing the total over two years to more than $100 million.
It’s like slipping the building manager a red envelope to get your pipes fixed first, only to find out everyone still gets served in order. The money was spent, but your place in line didn’t change. Polls show Brown narrowly ahead of incumbent Senator Jon Husted; Kalshi, meanwhile, gives Brown a 68% chance of winning and puts the odds of Democrats retaking the Senate at 68%.
My take is that the crypto industry isn’t afraid of Brown alone; it’s worried that, if he returns, he could hold up the market structure bill again on the Agriculture Committee. The counterpoint is that its spending did help unseat him in 2024. The stablecoin bill later passed the Senate, too, suggesting that the influence bought with all that money isn’t imaginary.
Have you ever spent money and called in favors, only to still not get the decision you wanted? Was the money spent in the wrong place, or was the other person never going to change their mind?
These are solely my personal opinions and do not constitute investment advice.
#加密货币 #MidtermElections
