Fairshake-backed Barry Moore wins Alabama GOP Senate runoff

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Moore wins Alabama GOP runoff

Highlights

Barry Moore wins Alabama GOP Senate runoff with nearly 56% of the vote, backed by Fairshake's largest spend of the election cycle.
Fairshake super PAC and related entities hold about $164 million as of April, continuing aggressive spending in competitive primaries with most efforts proving successful.
Crypto-backed candidates Kevin Hern wins Oklahoma GOP Senate primary with $735,000 from Fairshake, as the super PAC's election strategy expands across Senate contests.

Alabama runoff cements major crypto-backed primary win

As reported by CoinDesk, Moore won Tuesday's Republican primary runoff in Alabama for the state's open Senate seat after falling short of 50% in the initial May primary, prompting a second round of voting. He defeats former Navy Seal Jared Hudson and takes nearly 56% of the vote, putting the Trump-backed candidate in a strong position for November in the deeply Republican state.

Fairshake, the leading crypto super PAC, commits its biggest spending of the cycle to Moore, backing a lawmaker who has supported every major piece of crypto legislation highlighted in the report. Moore is also backed by the crypto-linked Fellowship PAC and is seeking to move from the U.S. House of Representatives to the Senate seat being vacated as Senator Tommy Tuberville runs for governor.

Geoff Vetter, a Fairshake spokesman, says the group's largest spend of the election cycle has delivered another pro-innovation Senate candidate. The network of related PACs had about $164 million on hand at the end of April, according to the latest Federal Election Commission filings cited in the report, even as it continues to spend aggressively in competitive primaries.

Crypto election strategy expands across Senate contests

Moore's victory helps offset a setback in Illinois, where Fairshake spends more than $10 million opposing Lieutenant Governor Juliana Stratton in the Democratic primary, but she still secures victory. Even so, most of the super PAC's primary efforts are proving successful, adding to a growing list of candidates backed by crypto interests.

Fairshake also spends $735,000 in this week's Oklahoma Republican Senate primary to support U.S. Representative Kevin Hern, who wins his party's nomination. Like Moore, Hern has President Trump's endorsement, underscoring how the crypto industry's campaign operation is increasingly intersecting with Republican Senate politics ahead of the midterms.

Backed mainly by Coinbase, a16z Crypto and Ripple, Fairshake begins this election cycle with $193 million and typically channels that money into independent expenditure advertising rather than direct promotion of candidates' crypto positions. The strategy builds on its previous congressional cycle, when it supported more than 50 pro-crypto candidates from both major parties and emerged as one of the most influential industry-funded political operations in U.S. elections.

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