Crypto Billionaires Fund Alabama Senate Race to Influence Policy
Cryptocurrency billionaires are leveraging significant financial resources to influence the US Senate election in Alabama, aiming to secure favorable legislative treatment for the industry. Following Peter Thiel’s precedent in 2022, crypto-funded super PACs, primarily Fairshake and its affiliate Defend American Jobs, have injected millions into the race. Fairshake, backed by Ripple, Coinbase, and Andreessen Horowitz, has spent over $5 million supporting Republican Congressman Barry Moore after he received Donald Trump’s endorsement. This spending helped Moore overtake Alabama Attorney General Steve Marshall in the polls. The article highlights that these efforts are part of a broader strategy where the crypto industry uses political war chests as threats or rewards to discipline lawmakers. In the 2024 cycle, Fairshake and related entities spent over $130 million on congressional elections nationwide. Major funders have also aligned themselves with Donald Trump, contributing to pro-Trump initiatives despite previous political stances. This unprecedented corporate spending underscores the growing power of crypto oligarchs in shaping US political outcomes and regulatory environments.
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Crypto Billionaires Fund Alabama Senate Race to Influence Policy
Cryptocurrency billionaires are leveraging significant financial resources to influence the US Senate election in Alabama, aiming to secure favorable legislative treatment for the industry. Following Peter Thiel’s precedent in 2022, crypto-funded super PACs, primarily Fairshake and its affiliate Defend American Jobs, have injected millions into the race. Fairshake, backed by Ripple, Coinbase, and Andreessen Horowitz, has spent over $5 million supporting Republican Congressman Barry Moore after he received Donald Trump’s endorsement. This spending helped Moore overtake Alabama Attorney General Steve Marshall in the polls. The article highlights that these efforts are part of a broader strategy where the crypto industry uses political war chests as threats or rewards to discipline lawmakers. In the 2024 cycle, Fairshake and related entities spent over $130 million on congressional elections nationwide. Major funders have also aligned themselves with Donald Trump, contributing to pro-Trump initiatives despite previous political stances. This unprecedented corporate spending underscores the growing power of crypto oligarchs in shaping US political outcomes and regulatory environments.