Key facts
- Barry Moore won the Alabama Republican Senate primary runoff.
- Moore received $12 million in funding from the crypto PAC Fairshake.
- Fairshake plans to spend an additional $5 million on Moore's general election campaign.
- Ads supporting Moore will feature an endorsement from President Donald Trump.
- Moore has a pro-crypto record and aligns with favorable policy positions.
Crypto PACs have significantly increased their spending in political campaigns, with Fairshake, a prominent group backed by major industry players like Coinbase and Ripple Labs, pouring $12 million into Barry Moore's successful bid for the Alabama Republican Senate primary runoff. Moore, a loyalist to U.S. President Donald Trump, is now positioned to be the likely nominee in November.
Fairshake, through its affiliate Defend American Jobs, plans to spend an additional $5 million on a five-week advertising campaign to support Moore in the general election. These ads are expected to run on broadcast television and Fox News, and will feature an endorsement from President Trump. Fairshake stated its pride in supporting Moore, describing him as a leader who will promote economic growth and champion efforts to establish the United States as a global hub for cryptocurrency innovation.
Moore, who was first elected to the U.S. House of Representatives in 2020, has cultivated a reputation as a crypto-friendly lawmaker, publicly aligning himself with pro-crypto policy stances. He has stated that cryptocurrency is not a fad but an integral part of the nation's economic future, including Alabama's. Advocacy groups tracking lawmakers' positions on digital assets rate Moore as strongly supportive of crypto.
Fairshake has been a major force in crypto-focused political fundraising, reportedly spending around $130 million in the 2024 elections to support favorable candidates. The PAC disclosed approximately $193 million in cash reserves ahead of the current midterm cycle. Other crypto-linked entities, such as Gemini Trust and Foris Dax (parent company of Crypto.com), have also contributed to political campaigns, including $21 million to a Trump-aligned PAC last year.