Fairshake spent more than $12 million in Alabama’s Republican Senate runoff to support U.S. Representative Barry Moore, who defeated former Navy SEAL Jared Hudson. The report describes the outlay as the largest crypto-focused political expenditure in any congressional race so far in the 2024 election cycle. Moore is known in Congress as a supporter of crypto-friendly regulation, and Alabama’s strong Republican tilt leaves him well positioned ahead of the November general election.
Alabama race became Fairshake’s biggest single bet
After Tuesday’s runoff, Moore secured the Republican nomination with about 56% of the vote. The seat is expected to open as Republican Senator Tommy Tuberville plans to run for governor. In addition to Fairshake, Moore also received backing from Fellowship PAC, another group tied to the crypto sector.
Fairshake spokesperson Geoff Vetter said the group’s largest investment of the current cycle had again pushed a pro-innovation Senate candidate forward. He added that Fairshake still has about $150 million in cash available and is prepared to keep supporting what he described as the largest pro-crypto legislative group in history.
Backers include Coinbase, a16z Crypto, and Ripple
Fairshake has grown into one of the best-known political action committees in the U.S. crypto sector. Its main financial support comes from Coinbase, a16z Crypto, and Ripple. According to the report, the group backed more than 50 crypto-friendly candidates from both major parties in recent congressional elections, giving it a powerful position in this part of campaign politics.
Recent filings with the Federal Election Commission showed that committees linked to Fairshake held roughly $164 million in cash as of late April. The same report said those funds are being deployed quickly during the election season. Fairshake operates as a Super PAC, which means it can spend unlimited sums independently on campaigns without directly coordinating with candidates.
Alabama result follows an Illinois setback
The Alabama win comes after a loss for the crypto industry in Illinois. Fairshake spent more than $10 million in the Illinois Democratic primary against Juliana Stratton, but Stratton still won. That result increased the odds that a candidate opposed by crypto lobby interests could advance to the Senate.
Fairshake was also active in Oklahoma this week. The group spent $735,000 backing U.S. Representative Kevin Hern in the Oklahoma Republican Senate primary, helping him win the party nomination. The report noted that Hern, like Moore, had support from former President Donald Trump.
Across Alabama and Oklahoma, the spending points to a broader effort by the crypto sector to shape Washington’s regulatory agenda through election finance as well as lobbying.