By Jessica Piper

Compiled by: BitpushNews an

The content of television commercials is varied and different.

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 Rep. Zach Nunn’s military background and his work to lower child care costs. And in Colorado, a Spanish-language ad promoted Democratic Rep. Yadira Caraveo’s support for Border Patrol agents.

The ads all share one 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 mentioned cryptocurrency itself.

The nascent industry has quietly become one of the largest independent spenders in congressional elections, second only to traditional party groups. It outspends even environmental PACs, pro-Israel groups and pro-abortion rights organizations. Roughly $1 in every $12 of independent spending in House and Senate races this year came from cryptocurrency-related super PACs.

“It’s amazing what’s happened in the cryptocurrency industry,” said Moreno, a Republican Senate candidate in Ohio who is challenging Sen. Sherrod Brown and has the most crypto industry support of any candidate. “Literally, just 10 years ago, it was the laughing stock of the tech community. And now, 10 years later, they’re going to play a key role in helping the Republicans win the U.S. Senate.”

Cryptocurrency industry ads are designed to help their preferred candidates win elections, rather than making cryptocurrency itself a campaign focus. This reflects the fact that some candidates agree that cryptocurrency is not a top issue for most voters. The ads launched by these industry-related super PACs are generally positive about the candidates they support, often involving the candidates' personal experiences or focusing on pressing issues such as border issues, economic conditions and access to IVF treatment.

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

Many of the crypto-backed candidates are fringe members who hold key committee positions and have pushed legislative priorities for the industry this year. In Ohio, the goal is to unseat the senator, who was once skeptical of the industry, despite not directly mentioning Brown or crypto in the campaign.

The flood of money was distributed primarily through three different super PACs: Defend American Jobs, which supports Republican Senate candidates; Protect Progress, which supports Democratic Senate candidates; and Fairshake, which has backed both parties’ House of Representatives candidates. Fairshake has also provided funding to two other organizations, and it has received more than $170 million in funding this election cycle from a number of crypto-backed businesses, including Coinbase and Ripple Labs, and venture capital firms like Andreessen Horowitz.

The three super PACs have spent a combined $125 million on independent expenditures this election cycle, or 8% of all outside spending in congressional races, according to Federal Election Commission data. That includes more than $80 million in spending for the general election.

In response to questions about the candidates Fairshake is backing and the content of the ads, a PAC spokesperson referenced a previous statement expressing support for “leaders in both houses of Congress and both parties who are committed to driving real results and working with industry to pass responsible regulatory measures that foster innovation, create jobs, and sustain America’s global leadership.”

Many of the candidates backed by cryptocurrency money have pushed for a key piece of legislation this year: a bill to establish a regulatory framework for different categories of digital assets. The bill passed the House of Representatives earlier this year but has yet to be taken up by the Senate.

The biggest investment in this election cycle is to unseat incumbent Senator Sherrod Brown, the only incumbent who has been explicitly opposed by these funds. As chairman of the Senate Banking Committee, Brown is skeptical of cryptocurrency and has warned of the risks it poses to consumers.

Defend American Jobs has spent more than $40 million on the campaign. The two most-watched ads in Ohio this year are from the group, according to ad tracking data from AdImpact. However, neither ad mentions cryptocurrency or directly attacks Brown.

One ad highlights Moreno as a small business owner who started his family in Ohio, while another highlights his support for energy independence and "stopping illegal immigrants from robbing Ohio of tax dollars."

Cryptocurrency-related Super PACs have similarly supported Democratic candidates — and 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 own party’s line to fund 22,000 border patrol agents.” Meanwhile, an ad supporting Elissa Slotkin’s Senate campaign in Michigan features a clip of her stressing that “we need to invest in border security.”

In the House races, the diversity of ad messages was even more pronounced. Most of the nearly two dozen ads that aired in the general election congressional races incorporated the candidates’ personal stories. Five ads defending incumbent Democrats highlighted their credentials on immigration and border issues, while two ads supporting struggling Republicans highlighted their support for IVF treatment.

It’s not unusual for an interest group to avoid talking about its core issues in ads: Earlier this year, the pro-Israel super PAC United Democracy Project ran ads in the Democratic primary that focused on issues ranging from public safety to a candidate’s DUI arrest, though the group did run an ad around anti-Semitism in a New York congressional race.

Cryptocurrency may not be at the top of most voters’ minds. Estimates of the number of Americans who own cryptocurrency vary. A 2023 Federal Reserve survey put the number at 7%, while a Philadelphia Fed survey this summer found 14.7%; cryptocurrency companies and their advocates believe the actual number may be higher.

Because cryptocurrency is not a central issue in the primary House and Senate races, most candidates are reluctant to discuss the funds. Most candidates who have received support from cryptocurrency PACs — as well as their opponents — have declined to comment on the role the funds played in their elections.

Some candidates whose opponents benefited from crypto super PAC funding have also expressed support for cryptocurrencies. Former Rep. Mike Rogers, who is running against Elissa Slotkin in Michigan, said in a statement that the cryptocurrency industry is "critical to national security" while accusing outside groups of "trying to hand control of cryptocurrency to the Democratic Party." A spokesperson for Arizona Republican Senate candidate Kari Lake said she is "strongly supportive" of cryptocurrency.

In Alaska, Republican Nick Begich, who is challenging incumbent Democrat Mary Peltola, said he was surprised that Fairshake endorsed the incumbent Democrat and mentioned his own pro-cryptocurrency stance. (Begich said he was an early adopter of Bitcoin.) For voters, questions about digital assets and cryptocurrency policy are not usually at the top of their list of concerns.

“While the public occasionally asks questions about cryptocurrency, it’s not among the top 10 questions I hear,” Begich said.

Stand With Crypto, a 501(c)(4) nonprofit organization that has been conducting outreach to encourage cryptocurrency users and supporters to vote this year, also scores candidates based on their statements about cryptocurrency and support for related legislation, but does not endorse them. The group said it received $2.8 million in donations, about 1.5% of the funds spent by Fairshake.