Fairshake, the crypto industry super PAC funded mostly by Coinbase, a16z, and Ripple, kept its primary winning streak alive this week. Barry Moore won the Alabama Senate Republican runoff with about 56% of the vote, a race where Fairshake spent over $12 million. The group now stands at 11–0 in June primaries after going 6–0 across May Southern primaries. But the run isn't perfect — Fairshake's $10 million effort to block Illinois Lt. Gov. Juliana Stratton in the Democratic Senate primary failed; Stratton won anyway.
Nearly $150 million in the bank
Fairshake has close to $150 million in cash on hand, and it's spending freely. The group says it aims to build what it calls 'the largest pro-crypto caucus in history.' Along with its Democratic affiliate, Protect Progress, Fairshake backed Christian Menefee in Texas's 18th District. Menefee defeated incumbent Al Green — a longtime crypto critic — in the May Democratic runoff with roughly 69% of the vote. Protect Progress dropped $1.5 million on ads opposing Green. Fairshake also poured over $7 million into Andy Barr's Kentucky Senate primary; Barr won with more than 60%.
One loss, many wins
The Illinois result is a reminder that money doesn't always decide primaries. Fairshake spent over $10 million trying to stop Stratton, but she held on. Everywhere else this spring, the group's chosen candidates have prevailed. That 11–0 June record includes races where Fairshake often outspent opponents by wide margins. The super PAC effectively acts as a gatekeeper for crypto-friendly candidates, rewarding supporters and punishing critics like Green.
Legislation stuck on the Senate calendar
Fairshake's electoral wins come as the industry's main legislative priority, the CLARITY Act, remains stalled. The bill would split oversight of digital assets between the SEC and the CFTC. It passed the House in July 2025 and cleared the Senate Banking Committee in May 2025, landing on the Senate calendar on June 1, 2025 — more than a year ago. No floor vote has been scheduled. Meanwhile, the GENIUS Act, which sets federal rules for payment stablecoins, became law last year.
What happens next for the CLARITY Act is unclear. Senate leadership hasn't signaled a timeline, and the clock keeps ticking. Fairshake's campaign spending, though, shows no sign of slowing down.
