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Bitcoin-friendly Republican nominee JD Vance wins Ohio Senate primary

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JD Vance has won the Ohio Republican Senate primary, making it the GOP’s nominee in the much-anticipated Senate race against Democrat Tim Ryan, with both parties fielding crypto-friendly candidates.

The Guardian reported that Vance on Tuesday may have been pushed to victory by a last-minute endorsement from former President Donald Trump on April 23, which helped him beat the likely front-runner, former Treasurer Josh Mandel.

Both Vance and Mandel are crypto supporters, with Mandel famously tweeting, “Ohio must be a pro-god, pro-family, pro-bitcoin state.”

Vance has disclosed Bitcoin (BTC) holdings worth up to $250,000, which CoinGecko says could be around 6.5 coins at today’s value. He was also backed by a super PAC from bitcoin proponent and billionaire investor Peter Thiel. Bloomberg reported on April 20 that Thiel has donated $3.5 million to the Protect Ohio Values ​​Super PAC.

Democrat Tim Ryan, meanwhile, is supporting legislation that will help simplify reporting requirements for taxing digital assets.

A May 3 report from CNBC highlights how cryptocurrency investors are also having a tangible impact on the upcoming midterm elections, which will be held in November. The biggest of them seems to be CEO and founder of crypto exchange FTX Sam Bankman-Fried (SBF). SBF has been a high-profile political donor since the last presidential election, when he was the second-largest financial contributor to President Joe Biden’s campaign.

SBF created another Political Action Committee (PAC) called Protect Our Future PAC. It has raised over $14 million as of March 31, and CNBC reports that it could be used to have a dramatic impact on the upcoming election. There’s also the GMI PAC and HODL PAC, which together hold $6.3 million and are backed by other FTX employees to support mid-term candidates.

Related: Crypto Advocate Challenges Longtime Congressman From Silicon Valley

However, candidates who have chosen to opt out of funding from PACs may have issues with all that cryptocurrency flying around. Democratic nominee for Ohio State Congress Nina Turner tweeted on April 15 that she was “not for sale,” in reference to opponent (and winner) Shontei Brown, who accepted PAC money for their campaign.