Bernie Moreno vows to support Ohio manufacturing jobs, safeguard Social Security and take a tough stance on immigration if he is elected to the U.S. Senate. That is the message of a campaign ad that has reached more than 160 million views. However, the video does not address its position on cryptocurrencies, the sector that funded the 30-second spot and has emerged as one of the biggest funders of this election cycle.
A trio of political action super PACs are working to elect candidates like Moreno to support cryptocurrency legislation in Congress that would allow the industry to freely operate in the United States. These super PACs spent more than $62 million on advertising in September, marking their largest monthly spending to date, according to a Wall Street Journal analysis of data from ad-tracking firm AdImpact. Together, the PACs have raised nearly $170 million from an elite group of industry backers, including crypto exchange Coinbase Global, Cathie Wood’s ARK Investment Management and venture capital firm Andreessen Horowitz.
The real issue about these electoral ads is that none of them explicitly mention cryptocurrencies; instead they focus on domestic jobs and immigration policies.
Although this strategy is not uncommon in political advertising, this election cycle marks the first time the cryptocurrency industry has wielded similar financial power.
Crypto “is not an issue that moves the vast majority of voters,”Moreno said in an interview, noting that the ads effectively convey his messaging to the electorate.
The Ohio Republican is hoping to defeat Democratic incumbent Sherrod Brown in a race that has significant implications for the crypto industry. In September, super PACs invested $30 million in television, streaming and digital ads for Moreno, making it the largest expenditure for a congressional candidate.
“When I win, there’s no question that the crypto industry will have played a pivotal role in making that happen,” claimed Moreno.
Despite the fact that a significant portion of September campaign funding was directed to Republican candidates like Moreno, Fairshake, which is the largest of the three super PACs, also invested millions of dollars to support Democratic candidates in crucial states.
Michigan Democratic Representative Elissa Slotkin and Arizona Democratic Representative Ruben Gallego received nearly $10 million in favorable ads from pro-crypto super PACs for their Senate campaigns as well.
“We are proud of the progress we have seen toward the creation of a sustainable bipartisan coalition,” a Fairshake spokesman stated. “We will continue to execute this strategy through November and into the future.”
