CoinDesk
Fairshake, the crypto industry's flagship super PAC, scored its most expensive primary win of the 2026 cycle on Tuesday when U.S. Representative Barry Moore took 56% of the vote to clear Alabama's Republican Senate runoff over former Navy SEAL Jared Hudson. Fairshake and its affiliates spent more than $12 million backing Moore — the largest single-race outlay of the midterms so far — and the result puts the Trump-aligned lawmaker on track to claim the seat being vacated by Senator Tommy Tuberville in heavily Republican Alabama.
Moore, who has voted yes on every noteworthy piece of crypto legislation in his House tenure, also drew support from the Fellowship PAC. Fairshake's broader network ended April with roughly $164 million in cash on hand, and a spokesman told reporters the operation is sitting on nearly $150 million ready to deploy toward building what it calls the largest pro-crypto caucus in Senate history.
Why it matters
Fairshake is funded primarily by Coinbase, a16z Crypto and Ripple, and the Alabama result extends a cycle of primary wins that began with more than 50 pro-crypto candidates the PAC helped elect in the previous Congress — across both major parties. Tuesday's victory in Alabama also softens the sting of the PAC's $10 million loss in Illinois, where Lieutenant Governor Juliana Stratton, a candidate Fairshake actively opposed, claimed the Democratic nomination and is now favoured to win her general election.
That makes the next Senate a near-certainty to include a lawmaker crypto interests spent heavily against, but the Alabama math still tilts the chamber's crypto-friendly caucus upward. Fairshake's $735,000 play in Oklahoma's Republican primary also worked out — Representative Kevin Hern, another Trump-endorsed pro-crypto voice, secured his party's Senate nomination the same night.
Market impact
The signal for the industry is structural rather than token-specific: the PAC started the cycle with $193 million, has been running independent-expenditure ad campaigns that avoid direct crypto advocacy, and is now entering the general election with hundreds of millions of dollars still deployable.
Frequently asked questions
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Who is Fairshake and who funds it?
Fairshake is the crypto industry's flagship super PAC, funded primarily by Coinbase, a16z Crypto and Ripple, with affiliates that include the Fellowship PAC. It spent more than 50 pro-crypto candidates into the previous Congress across both major parties.
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How much did Fairshake spend on Barry Moore's Alabama Senate race?
Fairshake and its affiliates spent more than $12 million backing Representative Barry Moore in the Alabama Republican primary and runoff — the largest single-race outlay of the 2026 midterm cycle so far. The Fellowship PAC also supported Moore.
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Why does the Alabama win matter for the crypto industry?
Moore has voted yes on every noteworthy piece of crypto legislation in his House tenure, and a Senate seat gives the industry's preferred-caucus strategy a stronger foothold. Fairshake framed the result as proof it can deliver pro-innovation champions at scale, with nearly $150M still deployable.
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Did Fairshake lose any races this cycle?
Yes. Fairshake spent more than $10 million trying to defeat Illinois Lieutenant Governor Juliana Stratton, who won the Democratic primary and is now favoured for the general election — meaning the next Senate will almost certainly include a lawmaker crypto interests spent heavily against.
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How much money does Fairshake have left?
At the end of April, the Fairshake network and related PACs reported roughly $164 million in cash on hand. The PAC started the 2026 cycle with $193 million, and a spokesman said nearly $150 million remains available to spend heading into the general election.
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