"Just 10 years ago, it was a laughingstock in the tech world. And now, 10 years later, they will play a key role in helping the Republican Party win the U.S. Senate elections."

Written by: Jessica Piper

Translated by: BitpushNews

Television advertisements are diverse and varied.

In Ohio, a woman shares how Republican Senate candidate Bernie Moreno invested in her business, which makes uniforms for female police officers. In Iowa, an ad highlights Congressman Zach Nunn's military background and his work to lower childcare costs. Meanwhile, in Colorado, a Spanish-language ad promotes Democratic Congressman Yadira Caraveo's support for border patrol agents.

All these ads share a notable characteristic: they are part of a massive effort by the cryptocurrency industry to support its favored House and Senate candidates in this fall's elections. However, none of these ads mention cryptocurrency itself.

This emerging industry has quietly become one of the largest independent spenders in congressional elections, second only to traditional party groups. Its spending even surpasses that of environmental political action committees, pro-Israel groups, and organizations supporting abortion rights. In this year's House and Senate campaigns, about $1 out of every $12 in independent spending comes from cryptocurrency-related super PACs.

"The development of the cryptocurrency industry is astonishing," said Moreno, a Republican Senate candidate from Ohio who is challenging Senator Sherrod Brown and has received the most support from the cryptocurrency industry among candidates. "In fact, just 10 years ago, it was a laughingstock in the tech world. And now, 10 years later, they will play a key role in helping the Republican Party win the U.S. Senate elections."

The advertisements from the cryptocurrency industry aim to help their favored candidates win elections, rather than focusing on cryptocurrency itself as a campaign issue. This reflects a reality recognized by some candidates: for most voters, cryptocurrency is not their top concern. The ads launched by industry-related super PACs are generally positive promotions about the candidates they support, often involving the candidates' personal experiences or focusing on urgent issues such as border security, economic conditions, and the accessibility of IVF treatments.

At the same time, cryptocurrency organizations emphasize that they are not inherently partisan supporters but back candidates from different parties, including Democratic Senate candidates in Michigan and Arizona.

Many candidates supported by cryptocurrency funding are marginal members of key committees who have pushed for the industry's legislative priorities this year. In Ohio, although Brown or cryptocurrency were not directly mentioned in the campaign, their goal is to unseat this senator who has previously been skeptical of the industry.

This influx of funds is primarily distributed through three different super PACs: Defend American Jobs supports Republican Senate candidates; Protect Progress supports Democratic Senate candidates; and Fairshake provides support to candidates from both parties in the House. Fairshake also funds the other two organizations and has received over $170 million in funding this election cycle from several cryptocurrency-supporting companies, including Coinbase and Ripple Labs, as well as venture capital firms like Andreessen Horowitz.

These three super PACs have spent a total of $125 million on independent expenditures during this election cycle, accounting for 8% of all external spending in congressional campaigns, according to data from the Federal Election Commission. This includes over $80 million spent on the general election.

When asked about the candidates supported by Fairshake and the content of their ads, a PAC spokesperson referenced a previous statement expressing support for "leaders in both chambers of Congress and both parties who are committed to driving real results and working with the industry to promote innovation, create jobs, and maintain America's global leadership through responsible regulatory measures."

Many candidates receiving cryptocurrency funding have pushed for a significant piece of legislation this year: a bill aimed at establishing a regulatory framework for different categories of digital assets. This bill passed the House vote earlier this year but has yet to be discussed in the Senate.

In this election cycle, the largest investment target is to unseat incumbent Senator Sherrod Brown, who is the only sitting member explicitly opposed by this funding. As the chair of the Senate Banking Committee, Brown is skeptical of cryptocurrency and has warned of the risks it may pose to consumers.

Defend American Jobs has invested over $40 million in this campaign. According to ad tracking data from AdImpact, the two most aired ads in Ohio this year come from this organization. However, neither ad mentions cryptocurrency or directly attacks Brown.

One ad emphasizes Moreno's image as a small business owner who has built a life in Ohio, while another highlights his support for energy independence and "stopping illegal immigrants from raiding Ohio's tax dollars."

Cryptocurrency-related super PACs also support Democratic candidates—they even align on some issues, such as immigration policy. An ad from Protect Progress supports Ruben Gallego, praising the Arizona Senate candidate for "daring to go against his party's stance to fund 22,000 border patrol agents." Meanwhile, an ad supporting Elissa Slotkin's Senate campaign in Michigan features her emphasizing, "We need to invest in border security."

In the House races, the diversity of ad messaging is even more pronounced. Among nearly two dozen ads aired in the general election congressional campaigns, most incorporate the candidates' personal experiences. Five ads protecting incumbent Democrats emphasize their qualifications on immigration and border issues, while two ads supporting struggling Republicans focus on their support for IVF treatments.

It is not unusual for a special interest group to avoid discussing its core issues in advertisements: earlier this year, the pro-Israel super PAC United Democracy Project aired ads in the Democratic primaries that focused on a range of topics from public safety to a candidate's DUI arrest, even though the organization did run ads around anti-Semitism in a congressional campaign in New York.

For most voters, cryptocurrency may not be their top concern. Estimates of the number of Americans who own cryptocurrency vary. A 2023 Federal Reserve survey estimated this figure at 7%, while a survey by the Philadelphia Federal Reserve Bank this summer found it to be 14.7%; cryptocurrency companies and their advocates believe the actual number may be higher.

Since cryptocurrency is not a core issue in the major House and Senate campaigns, most candidates are reluctant to discuss this funding. Most candidates supported by cryptocurrency political action committees—and their opponents—declined to comment on the role this funding plays in their elections.

Some opponents of candidates benefiting from cryptocurrency super PAC funding have also expressed support for cryptocurrency. Former Congressman Mike Rogers, who is competing against Elissa Slotkin in Michigan, stated in a statement that the cryptocurrency industry is "critical to national security," while accusing outside groups of "trying to hand over control of cryptocurrency to the Democrats." Arizona Republican Senate candidate Kari Lake's spokesperson stated that she holds a "strongly supportive" attitude toward cryptocurrency.

In Alaska, Republican Nick Begich, who is challenging incumbent Democrat Mary Peltola, expressed surprise at Fairshake's support for the incumbent Democrat and mentioned his own support for cryptocurrency. (Begich stated he is an early adopter of Bitcoin.) However, for voters, questions about digital assets and cryptocurrency policy are often not their top concerns.

Begich stated, "While there are occasional public inquiries about cryptocurrency, it does not rank among the top 10 issues I hear about."

The 501(c)(4) nonprofit 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 support for related legislation but does not endorse candidates. The organization stated that they have received $2.8 million in donations, about 1.5% of what Fairshake has spent.

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