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Key Takeaways
- Fairshake spent more than $12 million on Barry Moore’s Alabama Senate primary runoff, its largest single-candidate expenditure of the current election cycle.
- Moore, a consistent pro-crypto vote in Congress, defeated former Navy SEAL Jared Hudson with 55.8% of the vote and will face the Democratic nominee in November.
- Fairshake enters the general election with approximately $150 million on hand, backed primarily by Coinbase, a16z Crypto, and Ripple.
Fairshake, the crypto industry’s leading super PAC, notched its biggest single-race spend of the current election cycle after U.S. Representative Barry Moore won the Alabama Republican primary runoff on Tuesday, securing the party’s Senate nomination with 55.8% of the vote.
Fairshake and its affiliates spent more than $12 million supporting Moore, more than any other congressional candidate in this year’s midterms, and the PAC said it remains positioned to continue backing pro-crypto candidates heading into the general election.
Fairshake Spends Record $12 Million on Moore’s Senate Bid
Moore, a Republican congressman and Trump ally, defeated former Navy SEAL Jared Hudson in the runoff. He failed to clear the 50% threshold in Alabama’s initial May primary, triggering the runoff held this week. Moore will now face the Democratic nominee in the November general election.
The Fairshake super PAC and its affiliates, the crypto industry’s leading campaign-finance operations, directed their most extensive spending of the cycle toward Moore. As a member of Congress, Moore has voted in favor of every major piece of crypto legislation to come before the chamber.
Moore Wins Runoff With 56% of the Vote
According to the PAC’s most recent Federal Election Commission filings, the collection of related PACs reported approximately $164 million on hand at the end of April, reflecting spending activity since that filing. Geoff Vetter, a Fairshake spokesman, said:
“Our biggest spend of the cycle yielded yet another pro-innovation champion in the Senate, and with nearly $150 million cash on hand we are ready to continue driving the construction of the largest pro-crypto caucus in history.”
Moore, who was also backed by the crypto-tied Fellowship PAC, is running for the Senate seat being vacated by Republican Senator Tommy Tuberville, who is seeking the governorship.
Fairshake Backs Kevin Hern in Oklahoma Primary
Tuesday’s result follows the industry’s setback in Illinois, where Fairshake spent more than $10 million trying to unseat Lt. Gov. Juliana Stratton, who went on to win the Democratic primary. Most of Fairshake’s primary-backed candidates have won their races this cycle.
Fairshake also devoted $735,000 to U.S. Representative Kevin Hern in this week’s Oklahoma Republican primary, where he won his party’s Senate nomination. Like Moore, Hern was also endorsed by President Trump.
PAC Enters General Election With $150 Million on Hand
Fairshake is primarily backed by three crypto-world contributors: Coinbase, a16z Crypto, and Ripple. The PAC built its profile during the previous congressional campaign cycle, when it supported more than 50 pro-crypto candidates from both major parties who went on to participate in the current session of Congress.
The industry’s campaign arm started this year’s elections with $193 million, which it generally spends on advertising that promotes candidates’ broader political profiles rather than their crypto policy positions. Those “independent expenditure” ads are not associated with the candidates’ campaigns directly.
