Author: Jessica Piper
Compiled: Bit Push News an
The content of TV ads is diverse and varied.
In Ohio, a woman shared how Republican Senate candidate Bernie Moreno invested in her business, which makes uniforms for female police officers. In Iowa, an ad highlighted Congressman Zach Nunn's military background and his work to lower the cost of childcare. And in Colorado, a Spanish-language ad promoted Democratic Congresswoman Yadira Caraveo's support for border patrol agents.
These ads all share a notable feature: they are part of a massive effort by the cryptocurrency industry to support its preferred House and Senate candidates in this year's fall elections. However, none of these ads mention cryptocurrency itself.
This nascent industry has quietly become one of the largest independent spenders in congressional elections, second only to traditional party groups. Its spending even exceeds that of environmental political action committees, pro-Israel groups, and organizations supporting abortion rights. In this year's House and Senate races, about $1 out of every $12 in independent spending comes from cryptocurrency-related super PACs.
"The growth of the cryptocurrency industry is amazing," said Moreno, the Republican Senate candidate in Ohio, who is challenging Senator Sherrod Brown and has received the most cryptocurrency industry support among the candidates. "In fact, just 10 years ago, it was still the laughingstock of the tech industry. But now, 10 years later, they will play a key role in helping the Republican Party win the U.S. Senate election."
The cryptocurrency industry's ads are aimed at helping their preferred candidates win elections, rather than making cryptocurrency itself the focus of the campaign. This reflects the fact that some candidates recognize that for most voters, cryptocurrency is not their top concern. The ads put out by these industry-related super PACs are generally positive promotions of the candidates they support, often focusing on the candidates' personal backgrounds or addressing pressing issues like border policy, economic conditions, and access to in vitro fertilization.
At the same time, cryptocurrency organizations emphasize that they are not inherent partisan supporters, but rather back candidates from different parties, including Democratic Senate candidates in Michigan and Arizona.
Many of the candidates receiving cryptocurrency support are fringe members holding key committee positions, who have pushed the industry's legislative priorities this year. In Ohio, while not directly mentioning Brown or cryptocurrency in the campaign, their goal is to unseat the senator who has previously been skeptical of the industry.
This flood of funding is primarily channeled through three different super PACs: Defend American Jobs supports Republican Senate candidates; Protect Progress supports Democratic Senate candidates; and Fairshake has provided support to House candidates from both parties. Fairshake has also provided funding to the other two organizations, and over this election cycle, it has received over $170 million in support from various cryptocurrency-friendly businesses, including Coinbase and Ripple Labs, as well as venture capital firms like Andreessen Horowitz.
These three super PACs have collectively spent $125 million on independent expenditures in this election cycle, accounting for 8% of all outside congressional campaign spending, according to Federal Election Commission data. This includes over $80 million spent on general election efforts.
When asked about the candidates Fairshake supports and the content of its ads, a PAC spokesperson cited a previous statement expressing support for "leaders in both chambers and both parties who are committed to delivering real results and working with the industry to promote innovation, create jobs, and maintain America's global leadership through responsible regulatory measures."
Many of the candidates receiving cryptocurrency funding have pushed an important legislative item for the industry this year: a bill aimed at establishing a regulatory framework for different categories of digital assets. The bill has already passed a House vote, but the Senate has yet to consider it.
The largest single investment target in this election cycle is to unseat incumbent Senator Sherrod Brown, who is the only sitting member being explicitly opposed by these funds. As chair of the Senate Banking Committee, Brown has been skeptical of cryptocurrency and warned of the risks it may pose to consumers.
Defend American Jobs has spent over $40 million in this race. According to ad tracking data from AdImpact, the two ads that aired the most in Ohio this year both came from this organization. However, these two ads did not mention cryptocurrency, nor did they directly attack Brown.
One ad emphasized Moreno's image as a small business owner who has put down roots in Ohio, while the other highlighted his support for energy independence and "stopping illegal immigrants from pillaging Ohio's tax dollars."
Cryptocurrency-related super PACs have also provided support to Democratic candidates - they even align on some issues, such as immigration policy. A Protect Progress ad supported Ruben Gallego, praising the Arizona Senate candidate for "standing up to his own party to fund 22,000 border patrol agents." Similarly, an ad supporting Elissa Slotkin's Senate run in Michigan featured her emphasizing that "we need to invest in border security."
In the House races, the diversity of ad messaging is even more apparent. Among the nearly two dozen ads aired in congressional general elections, most incorporated the personal experiences of the candidates. Five ads defending incumbent Democrats highlighted their credentials on immigration and border issues, while two ads supporting embattled Republicans emphasized their support for in vitro fertilization.
It is not unusual for an interest group to avoid discussing its core issues in ads: earlier this year, the pro-Israel super PAC United Democracy Project ran ads in Democratic primaries that focused on everything from public safety to a candidate's DUI arrest, despite the group's focus on anti-Semitism in a New York congressional race.
For most voters, cryptocurrency may not be their top concern. Estimates vary on the number of Americans who own cryptocurrency. A 2023 Federal Reserve survey estimated the figure at 7%, while a Philadelphia Fed survey this summer found it to be 14.7%; cryptocurrency companies and advocates believe the actual number may be higher.
Since cryptocurrency is not a core issue in the major House and Senate races, most candidates are reluctant to discuss these funds. Most candidates receiving support from cryptocurrency political action committees - as well as their opponents - have declined to comment on the role these funds are playing in their elections.
Some candidates benefiting from cryptocurrency super PAC funding have also expressed support for cryptocurrency. In Michigan, former Congressman Mike Rogers, who is running against Elissa Slotkin, stated in a release that the cryptocurrency industry is "critical to national security" and accused outside groups of "trying to cede control of cryptocurrency to the Democrats." The spokesperson for Arizona Republican Senate candidate Kari Lake said she has a "strong support" for cryptocurrency.
In Alaska, the Republican challenger to incumbent Democrat Mary Peltola, Nick Begich, said he was surprised by Fairshake's support for the incumbent Democrat, and mentioned his own support for cryptocurrency. (Begich said he was an early adopter of Bit.) However, for voters, questions about digital assets and cryptocurrency policy are usually not among their top concerns. Begich said: "While there are occasional public inquiries about cryptocurrency, it is not among the top 10 issues I hear about." The 501(c)(4) non-profit organization Stand With Crypto has been conducting outreach to encourage cryptocurrency users and supporters to participate in this year's voting. The organization also scores candidates based on their statements about cryptocurrency and their support for related legislation, but does not endorse candidates. The organization said it received $2.8 million in donations, about 1.5% of the amount spent by Fairshake.
