Crypto PAC spending tops $12 million in Alabama Senate runoff

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Crypto spending in Alabama Senate runoff

Highlights

Defend American Jobs has spent over $12 million supporting Barry Moore in the Alabama Senate runoff, including $4.7 million since May 20.
Moore, endorsed by Donald Trump and rated as strongly pro-crypto by Stand With Crypto, also received $350,000 in support from Fellowship PAC.
Fairshake PAC and affiliates, with a $193 million war chest, are increasing spending in Senate and House races to back pro-crypto candidates as Republican majorities shape crypto policy.

Alabama runoff draws heavy crypto-funded backing

As shown in Federal Election Commission filings, Defend American Jobs has spent more than $4.7 million on media and advertising backing Republican Barry Moore in Tuesday's runoff for an Alabama U.S. Senate seat. That adds to the $7.4 million the PAC reported spending before the May 20 primary, lifting its total support for Moore above $12 million.

Moore, who also has the endorsement of U.S. President Donald Trump, is running against Republican Jared Hudson in the contest to replace Tommy Tuberville. Tuberville says he is not seeking reelection because he is focused on becoming Alabama's next governor.

Stand With Crypto, the Coinbase-affiliated advocacy group, rates Hudson as neutral on crypto policy while Moore strongly supports crypto, based on public statements and Moore's voting record representing Alabama's 1st Congressional District. Hudson has publicly acknowledged that "Big Crypto" did not back his candidacy, though he supports the crypto market structure bill under consideration in the U.S. Senate.

The Blockchain Leadership Fund, a hybrid PAC backed by Anchorage Digital and Chainlink, announced support for Moore in May, but FEC filings show no related spending as of Tuesday. Fellowship PAC, another group backed by $11 million from Cantor Fitzgerald and Anchorage, has disclosed $350,000 in spending in support of Moore's campaign.

Senate control keeps crypto policy in focus

The Alabama race is the latest measure of how much influence the crypto industry can exert in U.S. elections. Fairshake and affiliated groups have already spent millions of dollars on media campaigns in primary contests in Texas and California, and they are also backing candidates in Maryland and New York later this month.

In those House races, the PACs are supporting Democrats Adrian Boafo and Ritchie Torres with roughly $5 million and $500,000 in media buys, respectively. Fairshake reported a $193 million war chest as of January and says it aims to oppose anti-crypto politicians and support pro-crypto leaders through advertising and media spending.

Control of the Senate remains important for the industry's legislative agenda because Republicans currently hold narrow majorities in both chambers of Congress. That majority allows them to shape policy priorities, including crypto legislation such as the Digital Asset Market Clarity, or CLARITY, Act, which passed the House in July 2025 but remains delayed in the Senate amid debate over stablecoin rewards, ethics and tokenized equities.

In our earlier article on Robinhood (HOOD), we covered the company’s 10% workforce reduction and the one-time restructuring charges tied to streamlining operations. We also noted that Robinhood’s cryptocurrency trading revenue dropped 47% year-over-year in Q1 2026, highlighting softer demand in digital assets and adding pressure to the stock’s near-term outlook.

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