New research from a campaign finance-tracking group shows foreign corporations are investing heavily in statewide elections.

Montana is one of a half-dozen states where the spending was most prevalent.

OpenSecrets - which follows money in American politics - focused on companies owned at least 1% by a single foreign investor, or at least 5% by a group of foreign investors who are donating to statewide elections.

OpenSecret's editorial investigations manager Anna Massoglia said voters could easily assume that companies active in Montana campaigns are totally owned by U.S. investors, but that is often not the case.

"For Montana," said Massoglia, "companies - like Altria Group, Barrett Gold Corp., Centaur Resources, Reynolds American - companies that we don't necessarily think of as being 'foreign' but are, indeed, foreign influenced."

The report shows six states - Montana, Colorado, Michigan, Minnesota, New York and Washington - received $163 million in foreign funding between 2018 and 2022.

Washington topped the list, at $67 million.

Massoglia argued the increase in foreign money in state elections is the result of the U.S. Supreme Court's Citizens United ruling, which loosened the rules for corporate and union campaign donations - and in the process, crippled state campaign finance laws.

"One of the issues that some activists have raised about foreign-influence companies
participating in elections," said Massoglia, "is the fact that they may be beholden to foreign owners or foreign investors, who do not necessarily have American interests at heart."

Montana just increased its campaign contribution levels.

As of this year, individuals and Political Action Committees can donate $11,020 to a governor and lieutenant governor candidate, $790 to a candidate for statewide office, and $450 to a candidate for other public offices.

Support for this reporting was provided by the Carnegie Corporation of New York.




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Ohio's U.S. Senate race between the incumbent, Sen. Sherrod Brown, D-Ohio, and Republican Bernie Moreno has become one of the most expensive in American history, now totaling more than $400 million.

At the heart of the high-stakes election is the role of cryptocurrency. Its backers' financial influence has ignited debate over regulation and transparency. Both sides have been vocal on what it could mean, not only for Ohioans but for the future of cryptocurrency regulation across the country.

Mark Hays, senior policy analyst at Americans for Financial Reform and the advocacy group Demand Progress, shared his skepticism about the money flowing from the crypto sector.

"The money that's being spent is an effort to punish those politicians for trying to maintain strong regulatory standards," Hays explained.

Moreno has gained substantial backing from the Defend American Jobs super PAC, a group aligned with pro-crypto interests. This PAC has launched a $41 million ad campaign promoting him. Hays argued it is all part of a broader push for lenient crypto regulations in Congress, which Brown strongly opposes.

At a campaign stop in Columbus on Monday, Moreno defended the support from crypto backers, stating, "The reason they supported me is because they agree with me, not because I agree with them." He also addressed questions about his personal connection to cryptocurrency.

"I sold my Bitcoin, so I didn't want to have any nonsense from liberal reporters saying that I'm pro-crypto because of financial interest," Moreno asserted. "And the crypto community understands that this election is an existential threat to their existence here in America."

Brown, who chairs the Senate Banking Committee, has been a key figure in Congress advocating for strong regulatory oversight of the crypto industry. He has not shied away from addressing what he sees as significant risks posed by digital assets.

"The fraud, the scams and the outright theft; you can lose big in crypto's huge price swings," Brown pointed out. "They didn't tell you about the high fees pocketed by the crypto companies. Without regulation, stablecoins can endanger our economy, our payment system, our hard-earned money."

With control of a Senate seat in play and unprecedented levels of funding, Ohio voters are seeing firsthand how digital currency backers can shape political discourse.

Election Day is inching closer and the battleground state of Wisconsin will see more visits from the two main party presidential campaigns.

It was also the setting of a forum featuring a popular historian linking past events to the current debate over democracy.

Doris Kearns Goodwin, the renowned presidential historian, was the featured guest earlier this week at a discussion in suburban Milwaukee hosted by the United to Preserve initiative. When asked about present-day divisions and how they compare with similar turmoil in U.S. history, Goodwin pointed to the Industrial Revolution, noting it had the same effect on society as today's tech boom has.

"Globalization and the tech revolution have shaken up the economy, much as the Industrial Revolution did at the turn of the 20th century," Goodwin explained. "Think of what we went through then: It was the first time, really, that there was a gap between the rich and the poor, the first time, really, that people were from moving from the farms into the cities in record numbers."

She pointed out it fueled resentment among smaller communities, paving the way for an urban/rural divide seen today. Goodwin noted it took leaders such as former President Teddy Roosevelt, who had dealt with adversity in his own life, to channel that reflection and moderate his tone in a way that resonated with Americans from all kinds of backgrounds.

Goodwin said down the road, Lyndon Johnson had a heart attack while serving as a U.S. Senator. She said recovering from the medical scare inspired him to balance the quest for power with the need to serve the people.

"All of a sudden, one day, he just woke up and he said, 'Get me shaved, I'm ready to be back.' And he (a staffer) said, 'Well, what happened?' And he (Johnson) said, 'Well, I was lying here thinking what if I died now, what would I be remembered for? I have accumulated a lot of power, I've accumulated wealth, but have I really done something to make a difference in people's lives?'" Goodwin recounted.

Goodwin emphasized Johnson then became laser focused on advancing civil rights policy, even when the odds were stacked against him while serving as president. She noted it does not mean there weren't hard lessons learned along the way, with Johnson known for sometimes yelling at colleagues in humiliating fashion and regretting it the next day. Conversely, she pointed out Abraham Lincoln would write out a letter in anger but would set it aside and never have it delivered to the recipient, with it serving as a "cooling off" tool.


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As cryptocurrency becomes more prevalent, it's also making its way into the political arena. With millions of dollars being funneled into campaigns across the country, including here in Ohio, questions are arising about the impact this new wave of funding will have on elections - and, more importantly, what it means for voters.

Mark Hays, a senior policy analyst in financial technology with Americans for Financial Reform, said it's important for Ohioans and everyone across the country to be aware of the money's origination.

"There's a small group of wealthy individuals tied to the crypto industry pouring unprecedented amounts of money into campaign spending to dictate a particular policy outcome that will help them to continue to profit from scammy and predatory practices," he cautioned.

Hays highlighted concerns that the influx of crypto money could sway political decisions to favor industry players. The FBI recently reported more than $4 billion lost in crypto-related scams in 2023 alone. Meanwhile, proponents of cryptocurrency argue it is a valuable tool for economic growth, suggesting that it could help modernize financial systems. However, critics warn that the current push for less regulation might leave consumers vulnerable to fraud and financial instability.

On the other side of the conversation, supporters of cryptocurrency see potential benefits, but some in Ohio are voicing concerns about the influence of large crypto donors on local elections.

Melissa Cropper, Ohio Federation of Teachers president, offered another perspective.

"Why are the cryptocurrency people pouring money into this election? Are they pouring money into the election because they want to make sure that the business stays unregulated? And if that's the case, that's not what we want here in Ohio," she questioned.

As more money from the crypto industry pours into Ohio's elections, the debate over how to regulate this relatively new technology intensifies. Proponents point to the potential for job creation and financial innovation, while critics worry that Ohioans may end up paying the price if regulations are weakened. With $174 million already spent nationally on the 2024 elections by the crypto industry, Ohio remains a key battleground in this debate.