Crypto PAC, Republicans Reportedly Swooping In To Save Incumbent Senator Pete Ricketts In Nebraska

Republicans’ top Senate campaign arm and the cryptocurrency industry increased spending to boost Republican Nebraska Sen. Pete Ricketts’ chances weeks before Election Day.

The Senate Leadership Fund said it will spend $8 million through Nov. 3 after already spending $7 million, according to The Wall Street Journal. Fairshake, a pro-crypto super PAC, planned to spend heavily on Ricketts and other candidates who supported The Digital Asset Market Clarity Act, a legislative priority for the industry.

Osbourn’s campaign has spent roughly $2.1 million on advertising since the primary, according to WSJ. The Nebraska Values PAC and Working Class Majority PAC are backing Ricketts’ opponent, independent Dan Osbourn.

The Win It Back PAC, a conservative super PAC affiliated with Club for Growth, and other PACs spent $2.3 million on advertising for the Nebraska race, according to WSJ.

Super PAC spending and political background

Ricketts’ campaign did not immediately respond to the Daily Caller News Foundation’s request for comment.

Fairshake spent $93 million in total disbursements between Jan. 1, 2025, and Aug. 31, according to Federal Election Commission (FEC) filings. The PAC spent $30 million to oppose former Democratic Ohio Sen. Sherrod Brown, who opposed the industry while previously serving as chair of the Senate Banking Committee. Coinbase, Ripple Labs and venture capital firm Andreessen Horowitz primarily fund the super PAC.

Ricketts led Osborn 45% to 40% in a poll conducted by co/efficient between Sept. 28 and 30, while a YouGov poll from late September and early October found Osborn leading 48% to 47%. The first poll found Rickett’s disapproval rating to be 47%, while his favorability was 40%.

Osborn became known in the state after leading a union strike against Kellogg’s Omaha plant in 2021. Osborn lost to Republican Nebraska Sen. Deb Fischer 53.3% to 46.7% in the 2024 election. President Donald Trump won the state by 16 points in 2024.

Legislative priorities and national context

Ricketts serves on the Senate Banking Committee and voted to advance The Digital Asset Market Clarity Act, which was a legislative priority for the crypto industry. The legislation passed the House, but failed to meet the necessary 60-vote threshold to reach the Senate floor in a Sept. 15 procedural vote.

The legislation would establish the nation’s first comprehensive regulatory framework for the cryptocurrency sector by splitting oversight between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). It includes consumer protections to prevent platforms from collapsing without consequence and sets rules on how crypto could be used for traditional consumer assets like mortgages and loans.

Nebraska has not had a Democratic senator since 2013 when former Democratic Nebraska Sen. Ben Nelson left office.

The increase in spending is the latest example of Republicans pouring money into red states, which have become unusually competitive. PACs spent unprecedented amounts of money in Texas, Kansas, Iowa, South Dakota and Ohio, while pausing spending in battleground states like North Carolina.

Diesel prices exceeded $6 per gallon since the Iran war, which impacted farmers in Nebraska and other areas of the country. Affordability remained the top issue for voters during the election cycle, causing Republican candidates to struggle in traditionally red states and districts.

Republican PACs spent about $200 million to help Republican Texas Attorney General Ken Paxton, who continued trailing Democratic Texas Senate nominee James Talarico in the polls. The Senate Leadership Fund planned to spend $14 million to help Republican Kansas Sen. Roger Marshall in a deep-red state that has not had a Democratic senator since 1939.

The Senate Leadership Fund planned to spend $5 million to help Republican South Carolina Sen. Darline Graham.

Republican-aligned spending totaled nearly $1.2 million in support of Republican South Dakota Sen. Mike Rounds, who won his previous election by over 30 points, according to a media-buying firm. He leads by only six points this election cycle in a typically reliable red state.