U.S. Senator Sherrod Brown from Ohio, who chairs the Senate Banking Committee, is currently a significant obstacle to the passage of a cryptocurrency regulation bill.
To influence him, a newly established organization called the Cedar Innovation Foundation, which is backed by the crypto industry (with undisclosed funders), has launched a campaign targeting younger voters in Ohio’s metropolitan areas.
The campaign includes videos suggesting that the Securities and Exchange Commission, led by Chair Gary Gensler, is causing technology jobs to move overseas and hindering innovation to benefit Wall Street allies.
The ads urge viewers to encourage Sherrod Brown to oppose Gary Gensler and advocate for the protection of jobs in Ohio.
Brown is highly critical of the risks associated with cryptocurrencies. However, he has not taken significant steps to pass crypto-related laws through his committee, even though members from both political parties have proposed bills.
When discussing the oversight of crypto at the SEC, he commended the agency’s proactive approach to enforcement and urged it to continue. The campaign to influence Brown is the first foray.
“Senator Sherrod Brown needs to use his power as Chair of the Senate Banking Committee to stand up to Gensler and fight for Ohio jobs,” according to the organization’s website.