Fairshake Affiliate Commits $5M Investment in Barry Moore's Senate Campaign: Sources
Political action committee Fairshake deployed approximately $130 million throughout the 2024 United States election cycle backing candidates favorable to cryptocurrency.
According to a Bloomberg report, Defend American Jobs, which operates as an affiliated organization of the cryptocurrency-focused super political action committee (PAC) Fairshake, plans to allocate $5 million toward supporting Barry Moore, a pro-crypto lawmaker, in his campaign for the United States Senate.
Bloomberg's Tuesday report, which referenced a Fairshake statement, indicated that a five-week advertising campaign will launch this week, featuring commercials on broadcast television networks and the Fox News Channel that showcase US President Donald Trump's endorsement of Moore.
Super PACs generate funding through contributions from various entities, including corporations and associations; nevertheless, these committees are prohibited from making direct donations to political campaigns or coordinating their activities with them. Rather, they finance advertisements and other forms of media to encourage voters to back particular candidates.
"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.
Among the most influential cryptocurrency-focused PACs is Fairshake, which receives backing from major crypto firms such as Coinbase and Ripple Labs.
The committee deployed approximately $130 million throughout the 2024 US election cycle to back candidates who support cryptocurrency. The electoral outcome resulted in numerous elected officials taking office who hold favorable positions toward digital assets.
Moore labeled 'strongly supportive' of crypto
Moore secured his initial election to the US House in 2020 and subsequently served on the US House Agriculture Committee, which included the Digital Asset Market Clarity Act among its priorities during the previous year.
Additionally, he has publicly demonstrated pro-cryptocurrency sentiment on multiple occasions. In a social media post on X dated Dec. 5, he conveyed his approval of Trump's cryptocurrency position and associated executive orders.
"Crypto is not a fad. It is part of our future. It is part of Alabama's future," Moore said.
According to polling data of 500 Republican voters published by the Alabama Daily News, 26% of survey participants indicated they would cast their ballot for Alabama attorney general Steve Marshall should primary elections take place in February. Approximately 17% stated they would support Moore.
Each candidate has received a "strongly supportive" designation regarding cryptocurrency from Stand With Crypto, an advocacy organization that evaluates US politicians' positions on digital assets based on their historical statements and legislative actions.
Crypto PACs spend big on the industry
Primary elections for the US midterms take place in May, during which each political party selects its candidate nominee, with the general election following on Nov. 3, when voters make their final determination on who will assume office.
In January, Fairshake revealed it had accumulated $193 million in available funds in preparation for the upcoming midterm elections. The Gemini Trust Company along with Foris Dax, which serves as the parent entity of Crypto.com, contributed $21 million to a PAC aligned with Trump during the previous year, funds that may also factor into the midterm election cycle.