By Anna Massoglia and Jimmy Cloutier for OpenSecrets.
Broadcast version by Nadia Ramlagan for Kentucky News Connection reporting for the OpenSecrets-Public News Service Collaboration

Kentucky’s 2023 gubernatorial race set a nominal state fundraising record, with candidates in the primary and general election raising more than $44.6 million, according to an OpenSecrets analysis of campaign finance reports. 

Independent political groups spent an additional $45.3 million, mostly on negative ads targeting incumbent Democratic Gov. Andy Beshear or his Republican rival, Attorney General Daniel Cameron. The latest campaign finance filings cover political spending through Oct. 23.

When adjusted for inflation, the gubernatorial race ranks among the most expensive in Kentucky history — and is the latest high-profile state election to be awash in cash. Virginia state legislative races this year also broke state fundraising records, OpenSecrets found. 

Beshear, who won reelection in the Republican-leaning state, raised more than $23.1 million — three times as much as Cameron, reports show. 

Cameron, who became Kentucky’s first major-party Black nominee for governor following an expensive primary contest, raised about $6.5 million. 

While the race tightened in the final weeks of the campaign, Beshear won a second term on Nov. 7 by a comfortable margin, defeating Cameron with 53% of the vote, according to the Kentucky Secretary of State. 

Since this will be Beshear’s second consecutive term as governor, he must wait at least one election cycle before running for governor again. Kentucky is one of 26 states that allow governors to serve an unlimited number of four-year terms.

Beshear’s top funder was the Kentucky Democratic Party. 

Both the Kentucky Democratic Party and Beshear are now under civil investigation by state campaign finance regulators for allegedly accepting political contributions over the legal limit from Randall Weddle, the mayor of London, Ky. 

In June, after reporting by the Kentucky Lantern, Beshear announced that his campaign and the Kentucky Democratic party inadvertently took $202,000 in “excess” contributions from Weddle but noted the money was refunded. A Kentucky Registry of Election Finance notice sent Monday confirms an investigation is ongoing. 

Beshear also received substantial support from labor unions, which accounted for most contributions to his campaign from political action committees. 

Like Beshear, Cameron’s biggest donors were also party committees, with the Kentucky Republican Party topping the list. 

While Beshear topped campaign fundraising, Cameron benefited from more outside group spending on independent expenditures. 

The attorney general benefitted from over $25 million in spending by outside groups while Beshear benefitted from about $20 million. The bulk of that paid for negative advertising with $19.4 million on ads attacking Cameron and $18.2 million on anti-Beshear ads.

The top two spenders were Defending Bluegrass Values and Kentucky Values — political action committees affiliated with the Democratic and Republican governors associations, respectively. 

Defending Bluegrass Values reported more than $4 million in contributions in campaign finance filings this year and made $13.7 million in ad buys supporting Beshear’s reelection campaign in the first week of September — more than every other PAC spending on the race combined, according to the Lexington Herald-Leader. It spent nearly $16.8 million in total on the election, according to the latest campaign finance reports.

Kentucky Values reported spending more than $12.4 million, mostly on independent expenditures opposing Beshear’s reelection. 

A PAC called Bluegrass Freedom Action also ranked among the top outside spenders, pouring more than $4.9 million into the primary and general elections to boost Cameron’s campaign. Most of that money traces back to The Concord Fund, a conservative “dark money” group well known for financing efforts to reshape the federal judiciary. 

As a 501(c)(4) nonprofit organization, The Concord Fund — formerly known as the Judicial Crisis Network — is not required to disclose its donors. It has steered $3.3 million to Bluegrass Freedom Action, as of Oct. 23. 

Another top spender boosting Cameron was the School Freedom Fund, an out-of-state super PAC allied with the conservative Club For Growth. The super PAC has yet to report any new donors this year, but in 2022 it was bankrolled by billionaire Jeff Yass, the founder of Susquehanna International Group, according to federal campaign finance reports. 

School Freedom Fund spent around $3 million opposing Beshear, records show. Multiple ads from the super PAC about Beshear’s decision to release some prisoners early during the COVID-19 pandemic were debunked. 

Club for Growth, a pro-free market conservative group active across the country, spent another $2.2 million boosting Cameron in the gubernatorial race.


Anna Massoglia and Jimmy Cloutier wrote this story for OpenSecrets.

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.