No crypto talk in the election ads crypto paid for
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Illustration: Aïda Amer/Axios
The blockchain industry is pouring millions into ads boosting its favored candidates ... ads that don't actually mention bitcoin or other cryptocurrencies at all.
Why it matters: A review of ads paid for by Fairshake and its affiliated PACs showed the spots address a rage of issues — from border security to the cost of insulin — but, by avoiding crypto altogether, voters have little visibility into the degree to which the industry has an opinion about their next elected representative.
Between the lines: "It's a banal fact of how political communications happen," Matthew Erickson, a partner at 76Words, a longtime messaging team that works with political and issue campaigns.
- Industries with an agenda that decide to get involved in electoral politics want to help allies win, not persuade voters about their legislative goals.
- So when an industry pays for ads that don't mention the industry, "That's usually the sign of a group that's operating with some sophistication," Erickson said.
By the numbers: Axios reviewed 59 ads that ran from the three entities, ads that ran between Sept. 1 and Oct. 24. There was no mention of blockchain or cryptocurrency in any of them.
- The issues in the ads are all the top-line topics for voters, including inflation, immigration, health care and our rivalry with China.
The intrigue: Bipartisanship is also a recurring theme across this suite of ads.
- Fairshake has raised over $169 million to use in the 2024 Congressional cycle. The fact that it has spent heavily on races crucial to Republicans and to Democrats has drawn criticism from party faithfuls on both sides.
Zoom in: Axios used AdImpact to look at spots run in some of the races that Fairshake and its affiliates (Defend American Jobs, for Republicans and Protect Progress, for Democrats) have invested the most in.
- In Ohio's senate race, the most expensive race in the country, Defend American Jobs has paid for ads supporting Republican challenger Bernie Moreno that talk about, for example, protecting social security and his personal story.
- In South Carolina, an ad for Republican Rep. William Timmons warns of China attempting to establish a new world order.
- And Defend American Jobs also focused on China as it boosted Rep. John Curtis' bid to go to the Senate for Utah. In Indiana, an ad argued that Rep. Jim Banks' elevation to the Senate can bring jobs back to the U.S.
On the Democratic side, Protect Progress talks about securing the borders as it touts the Senate campaign of Michigan Rep. Elissa Slotkin.
- It's also one of the biggest spenders in Minnesota, supporting the reelection of Rep. Angie Craig.
- In the Arizona Senate race, Rep. Ruben Gallego's ads have emphasized his military background.
Fairshake has paid for ads for House candidates in both parties.
- In North Carolina, it backed the re-election of Rep. Don Davis (D), saying he delivered rural internet and border patrol agents.
- In Iowa, two ads for the re-election of Rep. Zach Nunn (R), focus on family and child care.
- In Colorado, it backed the re-election of Rep. Yadira Caraveo (D), arguing that she's been an agent of bipartisanship and anti-crime.
The big picture: The crypto industry wants a clear path to operate legally in the United States, without surprising lawsuits by D.C.
- The industry already won a bipartisan vote in the House on updating securities regulations to incorporate decentralized assets, and it is looking for laws around stablecoins (tokens that stand-in for dollars on a blockchain).
- Fairshake declined to comment for this story.
Zoom out: The disconnect between a political ad's content and the agenda of the people placing is just the situation the world is in since the Supreme Court's 2010 decision in Citizens United, Erickson explained.
The bottom line: "If you're a voter it's very challenging to figure out whose interests are being pushed," Erickson said.
