The cryptocurrency industry is placing its largest election bet to date, channeling nearly $10 million into advertising for a Republican Senate candidate in Alabama who has positioned himself as a friend to digital assets.
Representative Barry Moore, who is running for Senate, is the focus of a major spending push by the industry's primary super PAC. Moore has built a reputation as sympathetic to cryptocurrency interests, making him an attractive investment for an industry increasingly engaged in electoral politics.
The $9.8 million commitment represents a watershed moment for crypto as a political force. The industry has grown more aggressive about backing candidates and causes that align with its regulatory agenda, and this Alabama race showcases the scale of resources it is now willing to deploy in a single contest.
Moore's pro-crypto stance appears to have resonated with industry leaders who see the Senate as critical to their legislative priorities. With potential regulatory battles looming in Congress, the sector is betting that supporting candidates friendly to their interests now will pay dividends later.
The spending underscores a broader shift in how crypto firms and advocates are engaging with the political process. Rather than relying solely on lobbying efforts, the industry is now actively funding candidates perceived as sympathetic to their cause, signaling a willingness to play hardball in electoral contests across the country.
Author Sarah Mitchell: "Crypto's willing to write eight-figure checks now, and that kind of financial firepower in a midterm race sends a clear message about how seriously the industry takes control of Congress."
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