The $245 million campaign finance operation of crypto filled the airwaves with ads that were not related to crypto.

• Over $245 million was raised in this cycle by the crypto industry from a combination of corporate and individual investors.
• The sector accounted for nearly half of all corporate money raised.
• The groups that spent money on ads were not focused on educating voters about cryptocurrency.

Nearly $2 million was spent by a crypto PAC on ads to back the reelection of Steven Horsford, a Democratic congressman who has supported some significant pro-crypto legislation.

But watching the ads, you'd learn nothing about that agenda.

"He's leading on jobs, bringing good paying union jobs to Nevada and rebuilding our infrastructure," one 30-second commercial says. "He capped insulin prices at $35 a month," and "worked multiple jobs to support his hard working single mother and siblings in Congress."

Fairshake is responsible for the content of this ad.

In the 2024 election cycle, Fairshake was the largest crypto-aligned super PAC, spending a significant amount of money to support crypto allies and defeat antagonists nationwide. The group raised $170 million, which represented a substantial portion of the $245 million total raised by crypto-related PACs and other groups, according to Federal Election Commission data.

Nearly half of all corporate money flowing into the election has been accounted for by crypto, according to a report from nonprofit watchdog Public Citizen. This is significantly more than any other sector, including oil companies and banks, which have traditionally been major political contributors. Even Elon Musk, the world's richest person, spent less on political contributions than crypto did in their efforts to influence the 2020 presidential election.

The crypto industry's strategy for distributing cash involved identifying crucial races and subsequently overwhelming the area.

The Stand With Crypto Alliance, founded in 2020, established a grading system to evaluate presidential and congressional candidates nationwide, enabling it to allocate resources effectively.

Horsford received an A grade based on his public comments and voting history while in office. Additionally, his campaign received funding from Fairshake and individual donations from notable figures in the cryptocurrency industry, including Coinbase CEO Brian Armstrong, Ripple co-founder Chris Larsen, venture capitalist and longtime crypto investor Reid Hoffman, and billionaire twins Cameron and Tyler Winklevoss.

Nevada has two critical elections for the future of crypto in America, as designated by Stand with Crypto. These are the Senate race between Jackie Rosen and Sam Brown, and the election of Horsford, both of whom received an A grade.

Over 385,000 Nevadans own cryptocurrency, and over 16,000 people in the state have joined Stand with Crypto as advocates. The group visited Las Vegas in September as part of a multi-state tour.

In Montana, Ohio, Pennsylvania, Arizona, Massachusetts, Michigan, Wisconsin, and Maryland, the other races were deemed critical for the Senate, while in Colorado, Iowa, and Oregon, specific House contests were considered critical.

Fairshake and its affiliate PACs, including Defend American Jobs and Protect Progress, have spent over $135 million this election cycle, primarily on advertisements, yet they are not discussing crypto with potential voters.

David Nickerson, an associate professor of political science at Temple University who worked in the analytics department for President Barack Obama's re-election campaign in 2012, advised that not explicitly mentioning crypto assets could be a smart move to avoid alienating voters who prefer traditional currencies and might be put off by connections to crypto.

During this crypto money cycle, Ohio Sen. Sherrod Brown, the Democratic chair of the Senate Banking Committee, emerged as the largest target. He supported Sen. Elizabeth Warren, D-Mass., in conducting hearings on whether digital tokens were linked to terrorism.

In December, Brown stated that he was not worried about the crypto industry's criticisms of him.

"Let's do this," Brown said to the group of journalists, according to Politico.

The Senate race is crucial in determining which party will control the Senate. $40 million of crypto money has been directed at defeating Brown, and one PAC has paid for five ads designed to boost awareness of Republican rival Bernie Moreno, a blockchain entrepreneur.

In Arizona and Michigan, Protect Progress, a PAC linked to Fairshake, has given more than $10 million each to Senate candidates Ruben Gallego and Elissa Slotkin, respectively.

In California, Democratic Rep. Katie Porter lost the Senate primary after Fairshake spent more than $10 million on ads against her. Meanwhile, in West Virginia, Republican Jim Justice won the Senate seat with the help of Defend American Jobs, which spent over $3 million in support.

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