Crypto Super PACs Spent $89.5M on Races; $21.9M Backed Winners

The striking figure is the gap between outlay and confirmed return: only a fraction of the spending has so far converted into called winners, and the Senate record is notably weaker than the House one. That asymmetry matters because it tests whether crypto PAC money is a reliable electoral instrument or mainly effective in lower-cost, more localized contests. The open question is whether the remaining uncalled races close that gap, which would determine how much of this spending cycle reads as durable influence versus expensive noise.