What to know : The crypto industry's campaign-finance arm is flexing with an opening $5 million for a Republican Senate primary election in Alabama as the congressional midterms — still nine months away — begin in earnest. Fairshake and its affiliate political action committees say they've got $193 million to spend, so far, which dwarfs most industry PACs and even some of the largest funds directly serving the political parties. Alabama congressman Barry Moore will receive supportive advertising with this money, and a Fairshake representative said the group has also dedicated funds to back Representative French Hill, the chairman of the House Financial Services Committee.
Crypto's $193 million campaign-finance force, the Fairshake political action committee, is launching into congressional midterm season with a massive $5 million injection into the Republican primary campaign of Barry Moore, a U.S. congressman now running for Senate.
One of Fairshake's affiliates, Defend American Jobs, is committing that spending to support Moore, even though the general election remains almost nine months away. That marks one of the group's first major forays into what promises to be a high-stakes, high-spending election season."We are proud to stand with Barry Moore, a leader who will fight for economic growth and make America the crypto capital," Fairshake said in a Tuesday statement.
Fairshake had also recently devoted funds to Representative French Hill, the chairman of the House Financial Services Committee who has led the charge on crypto legislation in the U.S., according to a representative of the PAC. Hill and his allies already managed to get a crypto market structure bill through the House of Representatives last year and are now awaiting a matching effort in the U.S. Senate.
Such crypto legislation is the central purpose of Fairshake's giving — promoting pro-crypto candidates ready to pass friendly bills and opposing those who stand against such legislation.
As with all the super PAC's giving, the money for Moore will be through "independent expenditures" under federal election law, meaning the cash can buy ads for the candidate, but they can't deal directly with the campaign. Fairshake-backed ads in the 2024 election didn't mention crypto at all, and this broadcast ad for Moore intends to feature the candidate's endorsement from President Donald Trump.
Moore has served five years in the House, and he's now campaigning to replace Senator Tommy Tuberville, a Republican who is aiming for the governor's mansion this year. The Alabama congressman has so far served in the House's Agriculture Committee, where crypto legislation was on the agenda last year.
"Crypto is not a fad," Moore wrote in a December post on social media site X. "It is part of our future. It is part of Alabama’s future."
Moore is one of five Republican candidates who announced their participation in that primary. Early polling has so far seen Moore generally in second place behind state Attorney General Steve Marshall. Both have "A" crypto ratings from Stand With Crypto, a group that reviews the digital assets views of political figures.
Read More: Industry's PAC Keeps Seeking to Add Allies as Congress Hashes Out Crypto Legislation
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