Crypto has quietly become one of the biggest electoral players. You wouldn’t know it from their ads.
Super PACs, funded by the cryptocurrency industry, pour massive amounts of money into congressional campaigns. However not one ad mentions crypto.
They are all so different.
In Ohio, a woman explains how Republican Senate candidate Bernie Moreno made an investment in her business that makes uniforms for female officers. In Iowa, an ad highlights Rep. Zach Nunn’s military experience and his work to reduce child care costs. In Colorado, an ad in Spanish highlights the support of Yadira Caravéo for border patrol agents.
All the ads share one thing in common: they are part of an enormous effort by the cryptocurrency industry, to elect their preferred House and Senate Candidates across a dozen States this fall. Not a single ad mentions cryptocurrency.
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This nascent sector has quietly become this cycle’s largest outside spending group in the congressional elections, outspending environmental PACs and pro-Israel groups. About 1 in 12 independent expenditure dollars in House and Senate races this year have come from cryptocurrency-linked super PACs.
Moreno is the GOP Senate Candidate from Ohio, who is running against Sen. Sherrod brown and has received the most cryptocurrency support of any candidate. “In reality, 10 years on, they are going to be crucial in helping Republicans win in the United States Senate.”
Ads from the industry are aimed at helping their favorite candidates win elections, not to make cryptocurrency a political issue. This reflects the reality that several candidates have acknowledged: Cryptocurrency does not top most voters’ minds. Super PAC ads are generally positive, and often biographical, or they focus on important issues like the border, economy, and access to IVF.
Cryptocurrency groups have been quick to point out that they do not support candidates from either party, but rather candidates from both parties. This includes Democratic Senate candidates running in Michigan and Arizona.
Many of the candidates who are backed by cryptocurrency serve on important committees, and have supported legislative priorities for the industry this year. In Ohio, they’re trying to get rid of Brown, who was a skeptic about the industry in the past, even though they don’t mention him or cryptocurrency.
Three super PACs have been involved in the spending spree: Defend American Jobs has supported Republican Senate candidates, Protect Progress has supported Democratic Senate candidates, and Fairshake has supported House candidates from both sides. Fairshake has also sent money to the other two groups while receiving more than $170 million this cycle from a variety of cryptocurrency-backed interests, including the firms Coinbase and Ripple Labs and the partners behind Andreessen Horowitz, the venture capital firm with substantial crypto investments.
According to Federal Election Commission data, the three super PACs collectively spent $125 millions on independent expenditures in this cycle. This represents 8 percent of all spending outside congressional races. This includes over $80 million in general election spending.
A Fairshake spokesperson responded to questions regarding the candidates backed and the ads’ content by referring to a previous statement expressing their support for “leaders from both sides of aisles and both houses, who are committed in getting things done, and working with industry to pass responsible regulations that drive innovation, create jobs, and maintain America’s leadership globally.”
Many crypto-backed candidates voted in favor of a key industry legislative priority this year. The bill would establish regulatory authority over different classes of digital asset. It passed the House this year but was not taken up by the Senate.
The only time they spent money against an incumbent was to unseat Brown. Brown, the Senate Banking Committee chair, has emerged as one of the most vocal critics of cryptocurrency, warning of its potential risks to consumers.
Defend American Jobs spent over $40 million in the race. According to AdImpact, the tracking firm for advertising, the top two ads that were run in Ohio during this year came from the group. But neither mentions cryptocurrency — nor attacks Brown.
One describes Moreno’s small-business background and his family roots in Ohio. Another highlights his support for energy autonomy and “stopping illegal immigration from taking Ohio tax dollars.”
The cryptocurrency-linked super PACs also support Democrats — even using some of the same issues, like immigration. Protect Progress’s ad supporting Rep. Ruben Galego praised him for “standing against his own party and funding 22,000 border guard agents.” A Michigan ad supporting Rep. Elissa slotkin’s Senate campaign features a clip from her saying, “we need border security.”
The messaging in House races is even more diverse. Nearly two dozen of the ads running in general election congressional races have a biographical element. Five ads supporting incumbent Democrats highlight their credentials in immigration and border issues, while two ads backing vulnerable Republicans emphasize their support for IVF.
In advertising, it’s common for interest groups to steer clear of their own issues. For example, in the Democratic primary elections earlier this year, ads by the pro-Israel super PAC United Democracy Project focused on public safety and a candidate’s DUI arrest. However, in a New York congressional election, the group also ran ads about antisemitism.
Most voters may not even be aware of cryptocurrency. The number of Americans that own cryptocurrency varies widely depending on how the question was asked. In 2023, a Federal Reserve survey put the percentage at 7 percent. A Federal Reserve Bank of Philadelphia study this summer showed that the figure was 14.7 percent. Cryptocurrency firms and advocates claim the number to be even higher.
Most candidates don’t want to discuss cryptocurrency because it isn’t a major issue in the House or Senate elections. Most candidates who receive support from cryptocurrency PACs, as well as their opponents, have declined to speak about the role of the industry in their campaigns.
Some candidates who were backed by crypto super-PACs spoke out in support of cryptocurrency. Mike Rogers, a former Michigan Rep. running against Slotkin, claimed that the crypto industry was “important” for national security, while accusing other groups of trying to “put Crypto in the hands (of) D
