Coin Circle Network reports:
The Black Keys, a blunt liberal independent rock duo, will hold a concert in their hometown of Ohio this week to support a political campaign for cryptocurrency. Meanwhile, the affiliated cryptocurrency political action committee (PAC) is investing tens of millions of dollars in the state’s Senate race to promote a controversial pro-MAGA Republican candidate.
On Friday night, The Black Keys will perform a free show in their hometown of Akron, providing free food and drinks for attendees, organized by Stand With Crypto, a political organization supporting cryptocurrency launched by Coinbase.
This event is part of a series of extravagant and free “America Loves Crypto” concerts held by Stand With Crypto in swing states leading up to the US presidential election. Recent events held in Philadelphia, Milwaukee, and Detroit attracted attendees with free refreshments and major performances, including Smokers and Big Sean.
These events are seemingly aimed at showcasing the grassroots political power of American cryptocurrency owners as a voting group, with Coinbase actively promoting an aspect that will influence the 2024 election.
Cryptocurrency exchanges, like some other companies focused on cryptocurrency, have seen a flood of hundreds of millions of dollars pouring into super PACs over the past few months. These PACs have spent record-breaking amounts on crucial congressional races in both the House and Senate, which could determine control of Congress.
Among these PACs, Fairshake easily became the largest spender of special interest contributions in the 2024 election, with notable support from wealthy pro-Israel lobbying group AIPAC, whose support rate more than doubled.
While these groups have begun investing funds in dozens of campaigns across the country, no election attracts PAC funding more than the fiercely contested Ohio Senate race. In this race, incumbent Democrat Sherrod Brown is attempting to fend off a challenge from outspoken pro-MAGA businessman Bernie Moreno, and Coinbase’s affiliated PAC has spent around $40 million trying to flip the seat for the Republicans.
It makes sense for cryptocurrency lobbying groups to be determined to unseat Brown, as he has long been skeptical of the digital asset industry and is a close ally of industry antagonist Senator Elizabeth Warren (D-MA).
But Brown’s conservative challenger himself is not without controversy. Despite being an outspoken cryptocurrency advocate, Moreno, who is supported by Donald Trump, has recently drawn attention for unfounded racial conspiracy theories alleging that Haitian immigrants in Ohio eat their neighbors’ pets and steal government services. Last month, the businessman also landed in hot water for claiming that abortion is “not a problem” for women over 50.
Therefore, the activities closely associated with Moreno’s top fundraisers are a good fit for The Black Keys, who have previously expressed their commitment to liberal causes. During President Trump’s term, the band’s drummer, Patrick Carney, appeared on Joe Rogan’s podcast, describing himself and his vocalist Dan Auerbach as “pretty liberal assholes.”
It is currently unclear what prompted the organization to participate in Friday’s cryptocurrency-themed event in Ohio. The Black Keys have apparently made jokes about digital cryptocurrency and NFTs in their recent album promotions, but apart from that, they seem to have made no real public statements about digital assets.
However, it has been a difficult year for the rock duo. Earlier this summer, the Keys canceled their nationwide tour and reportedly fired their manager due to poor ticket sales. In a now-deleted tweet, Carney said the band was “fucked,” but did not provide further details.
It remains to be seen how much compensation The Black Keys will receive for their performance at Friday’s “America Loves Crypto” event. Stand With Crypto was contacted for this information, but no immediate response was received.
Meanwhile, the substantial spending by cryptocurrency lobbying groups in the Ohio Senate race seems to be paying off. According to polling aggregators, while Brown had a lead of over 6 percentage points earlier this summer, Moreno has now almost entirely closed the gap, making the race incredibly competitive.
According to new campaign finance reports, Fairshake has recently injected $15 million into funds specifically aimed at supporting Moreno, as revealed in documents released on Sunday.
Edited by Andrew Hayward.