Two Republican candidates, backed by at least a total of $1.5 million in media expenditures from a cryptocurrency-supported political action committee, are making their final appeals to voters in Florida’s special elections for congressional seats.
On April 1, residents in Florida’s 1st and 6th congressional districts will vote on whether to retain their Republican representatives or transfer control to Democrats for the first time in nearly three decades. The Defend American Jobs PAC, which is linked to Fairshake and has already invested over $131 million in the upcoming 2024 election cycle, has allocated a combined $1.5 million towards media efforts for Republicans Jimmy Patronis and Randy Fine, who are vying against Democrats Gay Valimont and Josh Weil, respectively.
Image Credit: Gay Valimont for Congress
Historically, these Florida congressional districts have leaned Republican, yet Democrats Valimont and Weil have both gathered considerably more funding than Patronis and Fine, reporting approximately $6.5 million and $10 million respectively against the Republicans’ $1 million each as of March. It’s important to note that these figures do not account for additional spending from PACs like Defend American Jobs or the contributions from Tesla CEO Elon Musk’s America PAC, which invested over $20,000 in texting services for these two races.
As of March 31, four House of Representatives seats were vacant following the passing of two Democrats and the resignation of two Republicans anticipating roles within the Trump administration. Should Democrats maintain their existing two seats and flip the two in Florida, the Republican majority would shrink to 217-218. This shift wouldn’t change the majority’s control but could influence legislative considerations and policymaking in the House.
Among the crypto-related legislative proposals being discussed in Congress are market structure regulations and stablecoin oversight. Several lawmakers have indicated a desire to pass both pieces of legislation before the August recess.
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Michigan Representative Shri Thanedar, a Democrat known for being largely self-funded, might have also benefited from PAC money tied to cryptocurrency in his 2024 campaign. He spoke about the potential role of the crypto sector in future elections during a conversation on March 27.
Protect Progress, another PAC associated with Fairshake, invested over $1 million in media to support the Michigan representative in his August 2024 primary election. He won against Republican opponent Martell Bivings in November with a significant 68% of the vote.
“I was surprised to see those ads,” Rep. Thanedar remarked regarding Protect Progress’ media efforts. “I wasn’t aware that such an ad would be created to support my campaign.”
The Michigan lawmaker further noted:
“Crypto is not exclusive in this. Various industries […] utilize PACs and Super PACs alongside independent expenditures. The presence of dark money in our political system needs to be addressed. As long as this continues, it will inevitably influence our politicians.”
Anticipating the 2026 Midterms
Following the victories of multiple Democratic and Republican candidates supporting “pro-crypto” positions in the 2024 elections, a spokesperson for Fairshake indicated that the PAC intends to continue its momentum moving forward. Prominent companies, including Coinbase and Ripple Labs, have contributed tens of millions to the PAC.
As of January, Fairshake reported having over $116 million available to invest in candidates for 2025 and 2026. While the spokesperson refrained from commenting on the special elections on April 1, they expressed pride in supporting Patronis and Fine through TV advertising campaigns following the January primaries.
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