Cryptocurrency titans are spending big this election to stack Congress with allies

Super PACs for the cryptocurrency industry are funneling millions of dollars in advertising into key congressional races on both sides of the aisle.

Three super PACs that boast backing from crypto titans Coinbase, Ripple Labs, and Cameron and Tyler Winklevoss, who founded the cryptocurrency exchange Gemini, have spent more than $80.5 million on the general election, according to the Federal Election Commission.

Those organizations include the conservative-leaning Defend American Jobs, its Democratic counterpart Protect Progress, and Fairshake, which has backed House candidates on both sides of the aisle.

The spending is more about boosting allies of the industry or ousting its foes than about deciding which party controls the House or Senate, though it could have that effect.

One race in particular has been the focus of the crypto-infused spending. The Senate race in Ohio between three-term Democratic incumbent Sen. Sherrod Brown and Republican Bernie Moreno is the most expensive contest this cycle. Defend American Jobs has spent more than $40 million supporting Mr. Moreno.

Mr. Brown, who chairs the Senate Banking, Housing and Urban Affairs Committee, is a cryptocurrency skeptic and voted against legislation earlier this year that would have softened crypto banking regulations.

Reagan McCarthy, a spokesperson for Mr. Moreno, accused Mr. Brown of being the “most anti-crypto senator” and said the Republican would be a staunch ally of the industry.

“Unlike Sherrod, who doesn’t know the difference between blockchain and a chain saw, Bernie has a deep understanding of the technology, what it takes to make certain it develops here in America and will work to ensure America leads the world,” Ms. McCarthy said.

The Brown campaign did not respond to a request for comment.

As with other TV ads from the industry’s super PACS, none of the ads supporting Mr. Moreno mention crypto, nor Mr. Brown. Cryptocurrency laws obviously aren’t what motivates most voters.

One of the ads from Defend American Jobs touted how Mr. Moreno would support former President Donald Trump’s economic agenda and tackle the border crisis — issues that energize Republican voters.

In other Senate races, Protect Progress has spent a combined $20 million supporting Democratic Rep. Ruben Gallego’s against Republican Kari Lake in Arizona and Democratic Rep. Elissa Slotkin’s run against Republican Mike Rogers in Michigan.

While Defend American Jobs has dumped the most into supporting a single candidate, Fairshake is the undisputed financial juggernaut. In fundraising, Fairshake is second only to the pro-Trump Make America Great Again Inc. super PAC. It raised a staggering $202.9 million, according to nonpartisan campaign finance watchdog OpenSecrets.

Fairshake has received millions from Coinbase, Ripple Labs, the Winklevoss twins, and venture capitalists Marc Andreessen and Brian Horowitz, who donated a combined $5 million to a pro-Trump super PAC, Right for America, according to FEC filings.

Fairshake has supported both Democratic and Republican candidates for the House. It funneled $39.5 million to Defend American Jobs and $24.7 million to Protect Progress.

Josh Vlasto, a spokesperson for Fairshake, said in a statement to The Washington Times that the super PAC has a clear mission: “support candidates who embrace innovation, want to protect American jobs, and are committed to working across the aisle to get things done and oppose those who do not.”

“We are proud of the progress we have seen toward the creation of a sustainable bi-partisan coalition and a consensus that there is an urgent need to pass responsible crypto and blockchain-focused regulation that advances innovation, protects American jobs, and roots out bad actors,” he said. “We will continue to execute this strategy through November and into the future.”