A vast majority of the congressional endorsements a key cryptocurrency group has issued this election cycle have either been in races deemed uncompetitive or where two pro-crypto candidates already are facing off, a Bloomberg Government analysis found.

Stand With Crypto, an advocacy group backed by Coinbase that grades politicians on their friendliness to the industry’s priorities, last week announced 32 new endorsements in races where House lawmakers are running for reelection. That brought their midterm total to 38.

Twenty-two of those 38 …