DATA & FIGURES
The crypto-aligned PAC spent over $12 million in media buys to support Moore's candidacy. The Defend American Jobs PAC, affiliated with Fairshake, reported holding a $193 million war chest as of January. Fairshake affiliate Protect Progress also reported spending about $5.2 million and $587,000 in media buys for House seats.
THE SCENARIO
The Alabama runoff is part of a larger landscape of primaries taking place across the US. Several states, including South Carolina, Texas, California, South Dakota, and New Jersey, are scheduled to hold primaries in the coming weeks. The involvement of crypto company-backed PACs, such as Fairshake, is a notable aspect of these elections, with significant amounts of money being spent to support 'pro-crypto' candidates.
DIRECT QUOTE
"Our biggest spend of the cycle yielded yet another pro-innovation champion in the Senate, and with nearly $150 million cash on hand we are ready to continue driving the construction of the largest pro-crypto caucus in history." — Geoff Vetter, Fairshake spokesperson**
BBN INSIGHT
The victory of Barry Moore in the Alabama Senate runoff highlights the growing influence of crypto company-backed PACs in US politics. The significant investment made by Fairshake and its affiliates demonstrates the importance of the crypto industry in shaping the political landscape. As the US approaches the general election, it will be interesting to see how this trend continues to unfold and what impact it will have on the country's regulatory environment.