Crypto

Crypto spent millions to defeat Sherrod Brown and elect allies. It’s ready for a repeat in 2026 – WTOP News

Published

7 months ago

October 11, 2025

Crypto spent millions to defeat Sherrod Brown and elect allies. It’s ready for a repeat in 2026 – WTOP News

COLUMBUS, Ohio (AP) — At a five-star resort tucked in the mountains of Jackson Hole, Wyoming, the cryptocurrency industry was…

COLUMBUS, Ohio (AP) — At a five-star resort tucked in the mountains of Jackson Hole, Wyoming, the cryptocurrency industry was celebrating a historic start to the year on Capitol Hill. Its priorities were sailing through Congress with unusual speed and one senator did not hesitate to say why.

Sen. Tim Scott, chairman of the Senate Banking, Housing and Urban Affairs Committee, was asked during the August panel what had changed to clear the way for such progress.

“I got to tell you,” said Scott, R-S.C. “Thank you, to all of y’all, for getting rid of Sherrod Brown,” he said, referring to the Ohio Democrat who lost his Senate seat in 2024 to Republican Bernie Moreno.

Laughter and applause rippled through the room. “Literally, the industry put Bernie Moreno in the Senate,” he added, according to a video from the Wyoming Blockchain Symposium.

In 2024, crypto interests poured more than $40 million into that race — more than four times their spending in any other Senate contest. Brown, who headed the committee when Democrats held the majority from 2021 to 2025, had long been one of Washington’s toughest critics of digital assets. That spending on behalf of Moreno, a businessman, sent a clear message: Challenge crypto, and the industry will come for you.

Brown, in a comeback bid, is seeking a fourth term next year, and Democrats are hopeful of their chances in an election without Republican President Donald Trump at the top of the ballot. But crypto has even more to spend this cycle and is enjoying a Congress that, without Brown, has turned sharply in its favor.

“We saw what happened in the last administration,” Brian Armstrong, CEO of Coinbase, the nation’s largest crypto exchange, told The Associated Press. “We’re never gonna let that happen again.”

A pro-crypto Congress

In a striking reversal after the skepticism from Democratic President Joe Biden’s administration, Congress this year has acted quickly to embrace the cryptocurrency industry after record spending in last year’s election.

Lawmakers have passed legislation establishing new regulations and consumer protections for stablecoins, a form of cryptocurrency typically tied to the U.S. dollar to limit volatility. Now, an even bigger priority for the industry — a broader bill aimed at clarifying how digital assets are regulated — is advancing through Congress.

From the White House, Trump has fully aligned himself with the industry, calling for the United States to become the “crypto capital of the world.” His family has also profited along the way, holding a significant stake in World Liberty Financial, a crypto venture that launched its own stablecoin earlier this year.

Supporters say the new policies will strengthen oversight and add consumer safeguards, helping to legitimize a sector long dogged by volatility and scandal — from the collapse of FTX to the conviction of its founder, Sam Bankman-Fried.

“Americans continue to lose money every day in crypto scams and frauds,” Brown said in a 2023 statement after Bankman-Fried’s conviction. “We need to crack down on abuses and can’t let the crypto industry write its own rulebook.”

As the Senate committee chairman, Brown was an outspoken critic of crypto and warned that digital assets opened the door to money laundering. He held several committee hearings over cryptocurrency issues, ranging from the negative impact on consumers to use of the currencies to fund illicit activities.

During the 2024 campaign, Brown remained defiant despite tens of millions in industry spending against him. He lost to Moreno, who has ties to the crypto industry, by just over 3.5 percentage points.

“Sherrod Brown’s race really indicated that it’s politically unpopular to be anti-crypto,” Armstrong told the AP. “There is no constituency for that.”

Crypto spending reshapes politics

In 2024, the crypto industry spent more than $130 million in congressional races, including $40 million in Ohio and $10 million each in Arizona and Michigan. The ads rarely mentioned cryptocurrency directly, instead focusing on promoting favored candidates — most often successfully.

“DC received a clear message that being anti-crypto is a good way to end your career,” Coinbase’s Armstrong wrote on social media after Brown’s loss.

Brown’s approach to crypto sounds different this time.

“Cryptocurrency is a part of America’s economy,” Brown said in a statement. “My goal is to make sure that as more people use cryptocurrency, it expands opportunity and lifts up Ohioans and they are not put at risk.”

It is unclear whether Brown will be targeted again. Hundreds of millions are being stockpiled by pro-crypto political action committees, many of which maintain close ties with Trump and congressional conservatives.

Brown is set to face Republican Sen. Jon Husted, who was appointed to fill Vice President JD Vance’s seat. Husted has been a reliable crypto ally and backed the GENIUS Act, the legislation regulating stablecoins.

A majority of the crypto dollars spent against Brown last year came from Fairshake, a super PAC backed by Coinbase and others. The super PAC reported $141 million in cash on hand as of July, already surpassing what it spent during the 2024 cycle.

Coinbase and the PAC have emphasized that they back candidates from both parties, as long as they are pro-crypto. They have yet to say publicly whether they will spend similarly against Brown.

“Last year, voters sent a clear message that the Sherrod Brown and Elizabeth Warren agenda was deeply out of touch with Ohio values,” said Fairshake spokesperson Josh Vlasto. “We will continue to support pro-crypto candidates and oppose anti-crypto candidates — in Ohio and nationwide.” Warren is a Democratic senator from Massachusetts.

Fairshake is not alone.

Crypto entrepreneurs Tyler and Cameron Winklevoss have launched a $21 million group to back crypto-friendly Republicans. And another group, the Fellowship PAC, has pledged to spend $100 million in the next cycle.

A new crypto constituency

Crypto advocates believe voter sentiment, not spending, is the source of their growing influence.

“There’s a large number of people who want to see crypto rules be passed in America. And they’re users of crypto themselves,” Armstrong said.

A significant share of Americans see cryptocurrency investments as a financial hazard. Most U.S. adults, 55%, say they consider cryptocurrency a “very risky” investment, according to a Pew Research Center poll.

A relatively small group of U.S. adults say they currently own cryptocurrency, but men under 50 are especially likely to invest in it. Roughly 1 in 4 men in that age group say they own cryptocurrency, according to Gallup polling from June. And they’re more open to buying in the future: only 44% say they’re “not interested in ever buying” digital assets, compared to far higher skepticism among older men or women of any age.

That enthusiasm — combined with vast industry spending — has helped transform crypto from a niche technology into a potent political force, one now firmly embedded in the country’s financial and political mainstream.

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Associated Press writer Linley Sanders in Washington contributed to this report.

Copyright
© 2025 The Associated Press. All rights reserved. This material may not be published, broadcast, written or redistributed.

Crypto

ADI Foundation and Settlemint Launch ADGM Tokenization Rail for $30.9B RWAs

Published

10 hours ago

May 14, 2026

Press Room

ADI Foundation and Settlemint Launch ADGM Tokenization Rail for .9B RWAs

Integrated Infrastructure for Institutional Adoption

ADI Foundation and Settlemint announced a partnership on May 13 to launch a new digital securities infrastructure on the ADI Chain, aiming to streamline the tokenization of assets within the Abu Dhabi Global Market (ADGM) regulatory framework.

The collaboration integrates ADI Foundation’s compliance-ready Layer-2 blockchain with Settlemint’s digital asset lifecycle platform (DALP). The combined system is designed to handle the entire lifespan of a digital security, from initial token creation and on-chain recording to post-trade servicing and management.

The move addresses a primary hurdle for institutional investors: the difficulty of coordinating issuance, trading, settlement, and custody across fragmented jurisdictions. By providing an integrated architecture, the partners aim to offer a unified pathway for institutions to move traditional assets onto the blockchain.

“The future of investment and trading will not only be digitized, but also available 24 hours a day, 7 days a week,” said Andrey Lazorenko, CEO of ADI Foundation. “Our partnership brings together market infrastructure, institutional-grade blockchain, and a digital asset lifecycle platform to tokenize equities and trade them on secondary platforms.”

According to a media statement, the platform utilizes Settlemint’s implementation of the ERC-3643 standard—a protocol specifically designed for security tokens to ensure compliance with regulatory requirements. While the partnership is initially focusing on equity tokenization, the infrastructure is built to support a variety of other tokenized securities and financial instruments, pending regulatory approval.

The announcement comes as institutional interest in real-world assets ( RWAs) on-chain continues to accelerate. According to data from RWA.xyz, tokenized RWAs currently represent approximately $30.92 billion in on-chain value, with tokenized U.S. Treasuries accounting for roughly $15.20 billion of that total. Market analysts expect this trend to scale significantly. A 2026 analysis by BCG suggests the digital asset market could surge from $0.6 trillion in 2025 to $18.9 trillion by 2033.

Matthew Van Niekerk, co-founder and president of Settlemint, characterized the partnership as a “blueprint” for the broader financial industry.

“This partnership proves that regulated, multi-asset tokenization at national scale on public blockchains is not just feasible, but live,” Van Niekerk said. He added that the infrastructure is intended to be a model that central securities depositories (CSDs), exchanges, and clearing houses can adopt to integrate digital assets into existing operations.

Crypto

BlackRock COO: Cryptocurrency Demand Surpasses Firm’s Expectations, Signaling a Shift in Value

Published

22 hours ago

May 13, 2026

Press Room

BlackRock COO: Cryptocurrency Demand Surpasses Firm’s Expectations, Signaling a Shift in Value

BlackRock Chief Operating Officer Rob Goldstein revealed that demand for cryptocurrency has significantly exceeded the firm’s initial projections, marking a notable shift in institutional sentiment toward digital assets. Speaking during a Binance online stream, Goldstein addressed the market’s reception of BlackRock’s spot Bitcoin exchange-traded fund (ETF), IBIT, and outlined the asset manager’s broader strategic outlook on blockchain-based finance.

Demand Driven by Value Proposition, Not Speculation

Goldstein emphasized that the global demand for IBIT was stronger than anticipated, describing the interest not as fleeting speculative enthusiasm but as a recognition of a new value proposition rooted in emerging technology. He noted that investors are increasingly viewing cryptocurrency as a distinct asset class with potential for long-term portfolio diversification, rather than a short-term trading vehicle. This perspective aligns with BlackRock’s broader push to integrate digital assets into traditional investment frameworks.

Tokenization and the Future of Capital Markets

Goldstein predicted that the tokenization of capital market instruments remains in its early stages, with future growth expected to be measured in multiples rather than incremental percentages. He argued that blockchain infrastructure could fundamentally reshape how assets are issued, traded, and settled, reducing friction and increasing transparency. This view is consistent with growing industry interest in real-world asset (RWA) tokenization, a trend that major financial institutions are beginning to explore.

AI Agents and Digital Rail Transactions

In a forward-looking comment, Goldstein suggested that artificial intelligence agents will eventually conduct transactions directly via digital rails, or blockchain infrastructure, rather than logging into traditional bank accounts. This vision points to a future where automated systems interact with decentralized finance protocols, potentially streamlining operations across supply chains, payments, and asset management. While still conceptual, the statement underscores BlackRock’s attention to the convergence of AI and blockchain technologies.

The Education Gap Remains a Key Obstacle

Goldstein identified the primary barrier to broader adoption as a lack of investor education regarding the technical aspects of virtual assets and efficient portfolio allocation. Many institutional and retail investors remain uncertain about how to evaluate cryptocurrencies, assess risks, and integrate them into existing investment strategies. BlackRock’s emphasis on education suggests that the firm sees informed participation as critical to sustainable market growth.

Conclusion

BlackRock’s acknowledgment that cryptocurrency demand has exceeded expectations carries significant weight, given the firm’s status as the world’s largest asset manager with over $10 trillion in assets under management. Goldstein’s comments reflect a maturing institutional perspective that views digital assets not as a passing trend but as a structural evolution in finance. For investors, the key takeaway is that major financial players are moving beyond skepticism and actively building infrastructure for a tokenized future, even as educational gaps persist.

FAQs

Q1: What did BlackRock’s COO say about cryptocurrency demand?
Rob Goldstein stated that demand for cryptocurrency, particularly through BlackRock’s IBIT Bitcoin ETF, has exceeded the firm’s expectations, driven by a recognition of its value as an emerging technology rather than mere speculation.

Q2: What is BlackRock’s view on tokenization?
Goldstein described tokenization of capital market tools as still in its infancy, with future growth expected to be exponential. He believes blockchain infrastructure will play a key role in transforming how assets are managed and traded.

Q3: What is the biggest obstacle to cryptocurrency adoption according to BlackRock?
The main challenge is a lack of investor education on the technical aspects of virtual assets and how to allocate them effectively within a portfolio, according to Goldstein.

Crypto

MEXC Commits to 1,000 BTC Purchase as Guardian Fund Targets $500M Expansion

Published

1 day ago

May 13, 2026

Press Room

MEXC Commits to 1,000 BTC Purchase as Guardian Fund Targets 0M Expansion

Key Takeaways

BTC and USDT to Serve as Dual Reserve System for Market Stability

Crypto exchange MEXC is deepening its focus on reserve strength and user protection, announcing plans to expand its Guardian Fund fivefold to $500 million and acquire 1,000 bitcoin as part of a broader risk management strategy.

The exchange said the initiative will be rolled out over the next two years and is designed to create a dual-reserve structure combining liquid stablecoin holdings with long-term BTC reserves. The framework is intended to bolster platform stability and improve resilience during periods of market stress.

The announcement comes as MEXC continues to attract new capital and users. According to data from Defillama, the exchange recorded $271.6 million in net inflows over the past month through May 11, reflecting increased trading activity and participation across global markets.

Under the revised structure, the Guardian Fund will continue to hold significant USDT reserves to ensure immediate liquidity and operational flexibility. The addition of bitcoin is intended to provide a longer-term store of value capable of preserving purchasing power across market cycles.

Transparency Remains Key for MEXC

MEXC said the strategy is part of a disciplined reserve management approach rather than a reaction to short-term volatility. The company framed the expansion as an effort to build infrastructure comparable to institutional-grade financial safeguards increasingly expected in the digital asset industry.

“Trust has to be capitalized, not just claimed. The expansion of the Guardian Fund and the addition of bitcoin reserves reflect our commitment to building protection infrastructure that helps users access infinite opportunities with greater confidence,” CEO Vugar Usi said in a statement.

The exchange also emphasized transparency. Wallet addresses tied to the Guardian Fund’s USDT and bitcoin holdings have been disclosed publicly, allowing users to verify reserve balances on-chain in real time. The move highlights a broader trend among large trading platforms seeking to differentiate themselves through stronger balance sheets and more visible proof-of-reserves mechanisms.

For MEXC, the Guardian Fund expansion forms part of a wider push to position itself as a global platform capable of supporting long-term growth. The company said the initiative aligns with its broader strategy of improving transparency, strengthening risk management, and protecting users during periods of heightened market uncertainty.