Crypto and AI companies spent $250 million in the midterms in hopes of picking the lawmakers who will decide how — or whether — their industries will be regulated. Most of the races they spent in were safe seats, where the candidates they backed were always going to win. But nearly three-quarters of their money went to the competitive races, and there, they got clobbered.

Of the twelve competitive races called so far, the side backed by crypto and AI super PACs lost nine. The PACs spent $74.7 million on the losing side of those races, compared to $28.3 million on the winning side.