Crypto has quietly become one of the biggest electoral players. You wouldn’t know it from their ads.

Super PACs funded by the crypto industry are pouring massive amounts into congressional races, and not a single ad actually mentions crypto.

Ohio’s Senate race is the only one in which crypto super PACs have spent against an incumbent. The groups are pouring more money into trying to oust Democratic Sen. Sherrod Brown than they have any other race. | Francis Chung/POLITICO

The TV ads seem wildly different from each other.

In Ohio, a woman shares how GOP Senate candidate Bernie Moreno invested in her business making uniforms for female police officers. In Iowa, a spot highlights Rep. Zach Nunn’s military credentials and work to lower child care costs. And in Colorado, a Spanish-language ad touts first-term Democratic Rep. Yadira Caraveo’s support for more border patrol agents.

The ads have one major trait in common: They are all part of a massive effort from the cryptocurrency industry to elect its preferred House and Senate candidates across a dozen states this fall. But not a single one mentions crypto.

The nascent industry has quietly become the single biggest outside spender in congressional elections this cycle other than traditional party groups, spending more than environmental PACs, pro-Israel advocates or abortion-rights groups. About 1 in 12 independent expenditure dollars in House and Senate races this year have come from cryptocurrency-linked super PACs.

“The crypto industry is pretty amazing in that 10 years ago, it was the laughing stock of the tech world,” said Moreno, the GOP Senate candidate from Ohio who is challenging Sen. Sherrod Brown and has attracted the most cryptocurrency backing of any candidate. 

“And in reality, here you are 10 years later, and they’re going to be decisive in helping Republicans win the United States Senate.”

The industry’s ads are about trying to help their preferred candidates win elections — not making cryptocurrency a campaign issue. That reflects a reality acknowledged by several candidates: Cryptocurrency is hardly top-of-mind for most voters. The ads from the various industry-linked super PACs are instead universally positive spots about their candidates, often biographical or hitting on hot-button issues such as the border, the economy and access to IVF.

And cryptocurrency groups are quick to note that they are not innately partisan, instead backing candidates of both parties, including Democratic Senate candidates in Michigan and Arizona.

Many candidates backed by cryptocurrency are vulnerable members who serve on key committees and supported the industry’s legislative priorities this year. And in Ohio, they are looking to oust Brown, a past skeptic of the industry, even if they are not talking about him or cryptocurrency while they do it.

The spending surge has flowed through three distinct super PACs: Defend American Jobs, which has boosted Republican Senate candidates; Protect Progress, which has boosted Democratic Senate candidates; and Fairshake, which has backed House candidates on both sides of the aisle. 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.

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

In response to questions about the candidates backed by Fairshake and the content of the ads, a PAC spokesperson referred to an earlier statement expressing support for “leaders on both sides of the aisle and in both houses who are committed to getting things done and working with the industry to pass responsible regulation that drives innovation, creates jobs, and sustains America’s global leadership.”