Crypto Super PAC Network to Support GOP House Candidates in Florida’s Special Elections

A network of Super PACs backed by the cryptocurrency industry is set to lend financial support to two Republican candidates running for the United States House of Representatives in Florida’s upcoming special elections on April 1. According to a report by Politico on March 21, the PAC network includes Fairshake, Defend American Jobs, and Protect Progress. These organizations are poised to spend significant amounts in an effort to influence the results of these key races.

Randy Fine and Jimmy Patronis: Crypto Champions in Florida Politics

The two candidates receiving support from the crypto-backed Super PAC network are Florida State Senator Randy Fine and Florida Chief Financial Officer Jimmy Patronis. Both candidates have been outspoken advocates for cryptocurrency and its potential role in Florida’s economic future.

Randy Fine is running for the seat in Florida’s 6th Congressional District, previously held by Representative Michael Waltz, who vacated the seat after being appointed as President Donald Trump’s National Security Adviser. Fine has long championed crypto innovation, emphasizing the need for clear regulatory frameworks. He has voiced strong support for advancing the state’s crypto agenda, most recently in a post on X (formerly Twitter), where he declared, “Floridians want crypto innovation!”

In his campaign, Fine aims to build on this momentum by highlighting the importance of clear "rules of the road" for the industry.

Meanwhile, Jimmy Patronis is running for the open seat in Florida’s 1st Congressional District, a position once held by Representative Matt Gaetz, who resigned after President Trump nominated him to become the US Attorney General. Patronis, a well-known figure in Florida’s financial sector, has been vocal about the state’s potential to integrate cryptocurrency into its financial systems. Notably, as Florida's CFO, Patronis requested a report from the State Board of Administration to explore the feasibility of investing state retirement funds in digital assets.

Defend American Jobs: A Major Player in Crypto Politics

The primary Super PAC backing Fine and Patronis in their respective races is Defend American Jobs, which is set to spend heavily to support both candidates. The PAC has already committed $1.2 million to run an advertisement for Fine’s campaign and an additional $345,000 to support Patronis. The PAC’s efforts are part of a broader strategy to influence the outcome of these special elections and maintain Republican control in key districts.

Defend American Jobs has a history of supporting candidates who back crypto legislation and innovation, with the PAC previously backing both Fine and Patronis during the primaries for these special elections. According to filings with the Federal Election Commission, the PAC spent more than $500,000 backing Fine and another $200,000 supporting Patronis. These investments paid off, as both candidates emerged victorious in their respective primaries.

The crypto-focused PAC has been a major financial force in this cycle, with its total fundraising efforts reaching over $60 million between 2023 and 2024. While Fairshake often supports candidates from both major political parties, Defend American Jobs has focused almost exclusively on supporting Republican candidates, particularly those with a pro-crypto stance.

The Stakes in Florida’s Special Elections

Florida’s special elections are particularly crucial, as they could determine whether the Republican Party maintains its narrow control of the House of Representatives. With four vacancies in the House, two of which are in Florida, the Democrats have the potential to secure a one-seat advantage in the chamber if they sweep all four races. This makes the special elections in Florida critical to the balance of power in Washington, D.C.

With the backing of the crypto industry and its financial powerhouses, Fine and Patronis are positioning themselves as key figures in the ongoing debate over crypto regulation and innovation in the U.S. Their campaigns are set to become a battleground not only for political control but also for the future of cryptocurrency policy in the United States.

Conclusion

As Florida voters head to the polls on April 1, the influence of cryptocurrency-backed Super PACs is expected to play a significant role in shaping the outcome of these special elections. With millions of dollars in ad spending backing their campaigns, Fine and Patronis are poised to make their mark in Florida politics, advocating clearer regulatory guidelines for the crypto industry and positioning themselves as champions of innovation in the financial sector. The outcome of these races could have far-reaching implications, not just for Florida, but for the future of crypto legislation in the United States.