Crypto PACs Spend $1.5 Million to Back Pro-Crypto Republicans in Florida

A network of crypto-focused political action committees (PACs), including Fairshake and Defend American Jobs, is actively supporting two Republican candidates in the upcoming April 1 special elections for the U.S. House of Representatives in Florida. This strategic move is part of a broader effort to bolster Republican representation in the House, with a particular focus on candidates who are sympathetic to the crypto industry.

Defend American Jobs will initiate the spending by airing a $1.2 million ad for Florida State Senator Randy Fine, who aims to replace former representative Michael Waltz. Fine has expressed support for crypto innovation and the need for clear regulatory frameworks. Additionally, Defend American Jobs is allocating $345,000 to support Florida Chief Financial Officer Jimmy Patronis in his bid to replace former representative Matt Gaetz. Patronis has previously advocated for investing part of the state’s retirement monies in digital assets, demonstrating his pro-crypto stance.

Overall, there are four vacancies in the U.S. House of Representatives, with two of these vacancies in Florida. If the Democrats were to win all four spots, the result would be just a one-person advantage for the GOP in the House, a very slim margin. This underscores the high stakes involved in these elections and the potential impact on the political balance in the House.

Defend American Jobs has previously backed Fine and Patronis during the primaries, spending over $500,000 supporting Fine and $200,000 backing Patronis. The two candidates won their primaries in the state’s 6th and 1st congressional districts, respectively. This early support from the crypto PAC network highlights the industry's commitment to influencing the outcome of these elections.

While Fairshake is often the focus of attention in the crypto PAC world, Defend American Jobs also spends millions of dollars supporting crypto-friendly candidates. The PAC raised and spent around $60 million from 2023 to 2024, with a focus on securities and investments, specifically crypto. Unlike Fairshake, which supports candidates from different political parties, Defend American Jobs primarily supports Republicans, with no spending support listed for candidates belonging to the Democratic Party.

The involvement of crypto PACs in these elections is a clear indication of the industry's growing political clout. By backing pro-crypto candidates, these PACs aim to influence policy decisions that could benefit the crypto sector. This strategy not only helps to elect candidates who are favorable to their interests but also ensures that the industry's voice is heard in legislative debates. The outcome of these elections could have far-reaching implications for the House GOP, potentially shaping future legislative agendas and policy decisions.