Crypto bets big on GOP, but not on Deaton
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Open embedded content from datawrapper.dwcdn.netGroups trying to elect pro-crypto candidates to Congress are set to spend $21 million more on ads to boost Republicans than they'll spend on Democrats in the run-up to the Nov. 5 election — but not in Massachusetts, the home of the country's top crypto critic.
Why it matters: The crypto industry is proving to be a new, formidable force in this year's elections, dropping tens of millions of dollars on races that could decide which party will control Congress.
- Crypto activists and investors have been cultivating lawmakers in both parties, with the industry's main PAC — Fairshake — endorsing equal numbers of candidates on each side.
- But the tens of millions of campaign ad dollars flowing from its affiliate super PACs point to the GOP as the preferred party among the crypto set.
- One of the top goals of the industry is to limit the regulation power of Sen. Elizabeth Warren, the Senate's top crypto foe.
Yes, but: Fairshake isn't backing the Massachusetts Republican trying to unseat Warren.
- The PAC has received some criticism from within the crypto community for not supporting advocate John Deaton.
Between the lines: It's trying to stop Warren without trying to beat her.
- The crypto industry is pouring money into the fight to control Congress, and the Massachusetts race just isn't enough of a factor to become a good investment.
What they're saying: "I think a slightly Republican Senate would be good because it neutralizes Elizabeth Warren's ability to influence," Kristin Smith, CEO of the Blockchain Association, told Axios during an interview at an industry event in October.
- Warren could become the senior Democrat on the Banking Committee next year.
By the numbers: Since Jan. 1, Fairshake and affiliated PACs have spent $54.6 million to run and reserve election ads backing Republican candidates, and $33.7 million on ads boosting Democrats, according to AdImpact.
- That's 62% more spent on ads for Republicans than Democrats.