At a glance

  • Defend American Jobs, a super PAC affiliated with the crypto industry’s Fairshake, has reported about $56 million in spending on Ohio’s US Senate race since September, its filings with the Federal Election Commission show.
  • About $19.7 million of that went on opposing Democrat Sherrod Brown and more than $36 million on supporting Republican Senator Jon Husted. Ohio votes on Tuesday, 3 Nov.

The figures come from the PAC’s 24- and 48-hour notices filed with the FEC through 29 Oct. An independent expenditure is political spending, such as ads or mail, that is not coordinated with a candidate’s campaign. Super PACs must report it within 48 hours, or within 24 hours in the last 20 days before an election, under FEC rules.

What the filings show

The largest single entries are media buys dated 19 Oct: $6.8 million against Brown and $2.27 million for Husted, both paid to Main Street Media Group, according to the notices. Smaller entries cover direct mail and ad production.

A second crypto-funded super PAC, Digital Freedom Fund, has reported $4.2 million against Brown and $3.0 million for Husted, its notices show. Most of its spending is listed as direct mail; text messages since 22 Oct account for about $817,000.

Its filings also list smaller sums in two other Senate races. In Iowa, it reported $474,000 against Democrat Josh Turek and $166,000 for Republican Ashley Hinson. In Texas, it reported $393,000 against Democrat James Talarico and $166,000 for Republican Ken Paxton.

Outside Ohio, Defend American Jobs has reported $13.5 million since 9 Oct against Dan Osborn, the independent challenging Republican Senator Pete Ricketts in Nebraska.

What the PACs say

A Fairshake spokesman told CoinDesk that the PAC and its affiliates have devoted $154 million to candidates in this cycle and still hold $56 million for the next one. “We back pro-crypto candidates who support American innovation in both parties,” spokesman Geoff Vetter said in the statement CoinDesk published. CoinDesk also reported that Digital Freedom Fund is backed mainly by Tyler and Cameron Winklevoss.

Whoever wins, crypto’s main bill in Washington faces the same arithmetic. A market-structure bill needs 60 votes to clear the Senate, and the Clarity Act has not advanced this year, CoinDesk noted. CryptoWatchDesk covered the push for federal exchange rules after the Binance hack on 31 Oct.

What happens next. Polls in Ohio close at 7:30 p.m. Eastern time on Tuesday (00:30 UTC on Wednesday, 01:30 CET). Super PACs must keep filing 24-hour notices for spending of $1,000 or more until the day before the vote, and their post-general reports are due on 3 Dec.

This article is for information only and is not investment advice.