Nearly two years ago, Ohio Democrat Sherrod Brown’s reelection effort was thwarted in part by Fairshake, the pro-crypto super PAC that shoveled $40 million into supporting his opponent: upstart luxury car salesman Bernie Moreno. It was a formidable introduction to the power wielded by the crypto industry—which spent last cycle buttressing Republicans, vilifying Dems, and nuzzling the bosom of Donald Trump, the self-proclaimed “crypto president.” Last summer, while the president and his family generated more than $1 billion from token sales and various memecoin schemes, Congress passed landmark legislation to legalize and regulate stablecoins. Now, heading into the midterms, crypto super PACs have amassed a war chest of more than $200 million (so far) to deploy this cycle. A Democratic consultant recently told me that outside spending from emerging super PACs remains a “constant worry.”