Crypto PAC Invests $5M in Pro-Crypto Senate Campaign

Crypto political action committee Fairshake spent roughly $130 million during the 2024 US elections to support pro-crypto candidates.

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Defend American Jobs, an affiliate of crypto PAC Fairshake (an independent political fundraising group), will reportedly spend $5 million to support crypto-friendly politician Barry Moore in his bid for the US Senate, according to Bloomberg.

A five-week campaign will start this week with ads on broadcast TV and the Fox News Channel featuring US President Donald Trump endorsing Moore, Bloomberg reported on Tuesday, citing a statement from Fairshake.

Super PACs raise money from corporations and associations; however, the committees can’t directly donate to or coordinate with political campaigns. Instead, they fund ads and other media to urge voters to support a specific candidate.

"We are proud to stand with Barry Moore, a leader who will fight for economic growth and make America the crypto capital," Fairshake reportedly said in a statement.

Fairshake is one of the most prominent crypto-related PACs, backed by crypto companies including Coinbase and Ripple Labs.

It spent roughly $130 million during the 2024 US elections to support pro-crypto candidates. The election ended with a flood of elected officials with pro-crypto views.

Moore is labeled ‘strongly supportive’ of crypto

Moore was first elected to the US House in 2020 and was part of the US House Agriculture Committee, which included the Digital Asset Market Clarity Act on its agenda last year.

He has also expressed crypto-friendly sentiment in the past. In an X post on Dec. 5, he appeared to approve of Trump's crypto stance and related executive orders.

“Crypto is not a fad. It is part of our future. It is part of Alabama’s future,” Moore said.

Source:

Barry Moore

A survey of 500 Republican voters, reported by the Alabama Daily News, found that 26% would vote for Alabama Attorney General Steve Marshall if the election were held in February. About 17% said they would vote for Moore.

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Both have a rating of “strongly supportive” of crypto by advocacy organization Stand With Crypto, which compiles previous statements and actions to rate US politicians on their crypto stances.

Crypto PACs spend big on the industry

The US midterm primary elections are held in May, when each party will choose its nominee, followed by the general election on Nov. 3, when voters decide who will be elected.

Fairshake disclosed in January that it had amassed $193 million in cash ahead of the midterm elections. The Gemini Trust Company and Foris Dax, the parent company of Crypto.com, sent $21 million to a Trump-aligned PAC last year, which could also come into play in the midterms.

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