Crypto PAC Spends $1.5M to Back Florida Republicans

A political action committee (PAC) network backed by the crypto industry has announced its support for two Republican candidates in Florida’s upcoming special elections for the U.S. House of Representatives, scheduled for April 1. The network comprises Fairshake, Protect Progress, and Defend American Jobs, with the latter leading the campaign spending efforts.

Defend American Jobs has initiated a $1.2 million advertising campaign in support of Florida State Senator Randy Fine, who is running to fill the seat vacated by Michael Waltz. Waltz resigned to take on the role of President Donald Trump’s national security adviser. Fine has been vocal about his support for digital innovation, emphasizing the need for regulatory clarity in the crypto space.

The PAC is also allocating $345,000 to support Jimmy Patronis, Florida’s Chief Financial Officer, in his bid to replace former Representative Matt Gaetz. Patronis has previously advocated for exploring state investment in digital assets, requesting a feasibility report on using retirement funds for crypto-related investments. Both Fine and Patronis secured victories in their primary elections, with Defend American Jobs contributing over $500,000 to Fine’s campaign and $200,000 to Patronis’s campaign.

While Fairshake PAC often supports candidates from both parties, Defend American Jobs has primarily focused its financial support on Republican candidates. The group has raised and spent approximately $60 million between 2023 and 2024. Currently, the U.S. House of Representatives has four vacant seats, including the two in Florida. A full sweep by Democrats would narrow the Republican majority to just one seat, raising the stakes for the April 1 elections.

This move by the crypto industry PAC aligns with the broader shift in U.S. crypto regulation following the Republican Party’s control of both the Senate and the House. Last month, U.S. lawmakers overturned the “DeFi broker rule,” a regulation that would require decentralized exchanges and other digital asset brokers to report transaction details to the Internal Revenue Service (IRS). The push to repeal the DeFi broker rule came amid a broader shift in U.S. crypto regulation, with many industry leaders speculating that the U.S. government could become the most crypto-friendly administration in history.

The political shift has already had an impact, with the U.S. Securities and Exchange Commission (SEC) dropping multiple enforcement actions against crypto firms in February, signaling a change in regulatory tone. As reported, cryptocurrency enforcement in the United States may ease under the upcoming administration of Republican President-elect Donald Trump, with regulatory priorities expected to shift. Speaking at a legal conference, current and former senior government lawyers indicated that while financial fraud cases will still be pursued, the Justice Department’s focus will likely move toward immigration enforcement, a key campaign promise of Trump.