The cryptocurrency industry’s biggest bet of the midterm election cycle so far has flown mostly under the radar.
It has been placed in Alabama, where a group tied to the main crypto super PAC, Fairshake, has spent $9.8 million on ads to try to elect a pro-crypto Republican congressman, Barry Moore, according to data from the media tracking firm AdImpact. Fairshake said its total spending in the race, including on things like direct mail, came to $12.1 million.
Fairshake is by far the biggest spender in the race. Whether that deluge worked will be revealed on Tuesday, when Mr. Moore tries to win his primary runoff election against Jared Hudson, a retired Navy SEAL. Mr. Moore has President Trump’s endorsement, but the race is still believed to be competitive.
The crypto industry is expected to be one of the most influential power players in the midterm elections: Fairshake and its allied groups held about $150 million on hand entering May.