A crypto PAC is one of Minnesota's biggest election spenders
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Illustration: Allie Carl/Axios
A deep-pocketed new PAC backed by the cryptocurrency industry has emerged as one of the biggest spenders on Minnesota's airwaves ahead of the November election, but you wouldn't guess it by watching the ads.
State of play: FairShake has spent more than $1.1 million since mid-August on TV spots boosting DFL U.S. Rep. Angie Craig's re-election bid in a competitive south metro congressional seat, according to the analytics platform AdImpact.
- The committee is the sixth largest spender on TV, radio and digital ads statewide over that period— and the second-biggest in the 2nd Congressional District, behind Craig's own campaign.
The big picture: Blockchain companies and backers have raised at least $160 million for the 2024 election in an attempt to bolster the ranks of crypto-friendly lawmakers on Capitol Hill.
- The newly-created PACs are spending on candidates from both parties across the nation.
The intrigue: The pro-Craig TV ads airing in the Twin Cities media market don't mention crypto or related issues.
- Instead, they highlight the incumbent Democrat's biography and advocacy on issues like drug prices and the cost of insulin.
- The 30-second spot hails Craig, who is facing Republican Joe Teirab, as a "bipartisan champion."
Zoom out: A similar strategy is playing out in competitive races across the nation, as FairShake and its counterparts run ads on issues like jobs and immigration instead of the digital currency policies they support, the Wall Street Journal reports.
Zoom in: While Craig hasn't made crypto policy a major part of her campaign, her vote record has earned her positive ratings from industry groups.
- She serves on a subcommittee focused on communications and technology.
Flashback: In 2022, Craig pledged to return a donation from Sam Bankman-Fried, the FTX founder serving a 25-year sentence for his role in bankrupting the platform and defrauding its users.
- She said at the time that she'd send the money to a fund created for his victims.
What they're saying: Representatives for FairShake didn't respond to Axios' requests for comment.
- A spokesperson for Craig's campaign declined to comment.