The blockchain industry is pouring millions into ads boosting its favored candidates ... ads that don't actually mention bitcoin or other cryptocurrencies.

Why it matters: A review of ads paid for by Fairshake and its affiliated PACs showed the spots address a range of issues — from border security to the cost of insulin — but, by avoiding crypto, 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 care about electing allies, not persuading the public as to why.

By the numbers: We reviewed 59 ads that ran from the three entities, ads that appeared 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 a recurring theme across this suite of ads.

• Fairshake has raised over $169 million for the 2024 congressional cycle. The fact that it has spent heavily on races crucial to Republicans and to Democrats has drawn criticism from party faithful on both sides.

Context: Axios used AdImpact to look at spots run in some races that Fairshake and its affiliates (Defend American Jobs, for Republicans, and Protect Progress, for Democrats) have invested the most in.

• Their ads talk about topics including Social Security, China, border security, crime and other topics that impact voters' lives, but never blockchains.

The big picture: The crypto industry wants a clear path to operate legally in the United States, without surprising lawsuits from D.C.

• It would welcome a friendlier regulator, but new laws would transcend administrations, which is likely why it's spending its money on congressional races.

Zoom out: The disconnect between a political ad's content and the agenda of the people placing it is just the situation the world is in since the U.S. 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.

Go deeper

Tether has been steadily plodding up all year, now at the highest market cap that it's ever attained.

Reality check: The Wall Street Journal reported that the company that issues the market-leading stablecoin, however, is under investigation.

• Tether's CEO denies it, and the company put out a statement calling the report "wildly irresponsible."

Flashback: Tether paid a modest settlement with New York state in 2021 after a non-criminal investigation.

Zoom out: Stablecoins are the killer app of blockchains, and tether is leading the market. However, the stablecoin market has still not quite recovered to its pre-2022 bust levels.

• $15 billion to go (of course, about $10 billion of that prior high was terra usd (UST) — which was arguably thin air).

The intrigue: Sources say the Trump-affiliated World Liberty Financial is working on its own stablecoin.

Pennsylvania's state House has passed legislation that would give cryptocurrency an unambiguous green light in the Keystone State, if the Senate concurs.

Why it matters: It's the latest of several states to pass measures that protect the right of its residents to hold cryptocurrency and transact in it.

Context: The legislation passed out of the state's House Commerce Committee on Oct. 9.

• In that same meeting, Rep. Scott Conklin (D), the committee chair, ran two pieces of legislation on cryptocurrency, one bill from each party. Both passed out of committee, but the Democratic-sponsored bill has gone no further, so far.

What they're saying: "My thought and my leadership's thought was: Let's start this conversation," Conklin tells Axios.

• "Crypto is changing the world," he said. He's not sure if the public should be scared about it or excited, but he said it's time for lawmakers to start having a conversation, so he thought the best way to do that was to let a bill from each party move.

In the weeds: The legislation is short, with only a few simple provisions.

• It affirms the right to transact in digital currency and to hold it using a self-custody system.
• It restricts the state or municipalities from levying special taxes on cryptocurrency transactions.
• It confirms that it is lawful to operate blockchain nodes in the state.

The other side: The other piece of legislation (HB 2081), sponsored by Rep. Ben Waxman (D), concerns cryptocurrency lenders.

Behind the scenes: The lead author of the legislation that advanced, (HB 2481), was Rep. Mike Cabell (R), with five other Republicans.

• It passed the House 176-26. The Pennsylvania House is very narrowly controlled by the Democratic party.
• Cabell did not respond to a request for comment from Axios.

The legislation follows similar moves in Arkansas, Louisiana, Montana and Oklahoma, which have each enacted laws on the rights of crypto users.

Fun fact: Last week, Ethereum founder Vitalik Buterin and Bitcoin investor Michael Saylor sparred on social media over the importance of self-custody.

😬 Our thought bubble: Denigrating self-custody is a... very weird look for a Bitcoiner.

"I sleep fine at night. This is a job where every day is about helping investors."

Go deeper

🇳🇬 The diplomatic tension engendered by Nigeria's detainment of a Binance employee. (New York Times)

🛠️ The "blockchain not bitcoin" era is getting sold off for parts. (Bloomberg)

✂️ Consensys, a software provider led by Ethereum co-founder Joseph Lubin, is cutting 162 positions, or 20% of its workforce. (Consensys)

🏹 Robinhood will list prediction markets for the last week and change of the election. (Axios)

🏦 The head of the Trump transition team, Cantor Fitzgerald's Howard Lutnick, talked about Bitcoin, the deficit and politics on a podcast with a major Bitcoiner. (YouTube)

At the end of 2022, Budapest unveiled a very nice statue in honor of Bitcoin's pseudonymous creator, Satoshi Nakamoto.

💭 Our thought bubble: It was cool.

• But this statue is for sure cooler. Definitely click through so you can see the moving image. It's crucial.

The new tribute to the orange coin's creator is in Lugano, Switzerland, and the artist is longtime Bitcoiner Valentina Picozzi.

Worth your time: More on how Picozzi got into Bitcoin.

Which statue grabs you more, Picozzi's or the one Greenpeace had made?