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Crypto PAC Invests In Florida Congressional Races

18/01 18:09

According to CoinDesk, the leading political action committee in the cryptocurrency sector has made significant financial contributions to influence the outcomes of two Florida congressional races. These seats were vacated by Matt Gaetz, a close ally of President-elect Donald Trump, and Michael Waltz, who was appointed as a national security advisor by Trump. The Republican Party, holding a slim majority in the House of Representatives, views the replacement of these two Florida Republicans as crucial to advancing its legislative agenda. The crypto-focused super PAC, Fairshake, through its affiliate Defend American Jobs, has allocated substantial funds to support pro-crypto candidates in the upcoming special elections. Matt Gaetz, initially considered by Trump for the role of U.S. attorney general, resigned from Congress amid a House ethics investigation concerning allegations of drug and sex payments, including an accusation involving a 17-year-old. In response, Trump endorsed Jimmy Patronis, Florida's chief financial officer, as his preferred candidate for Gaetz's former seat. Patronis, who is leading among Republican contenders in the January 28 primary, has received approximately $200,000 in advertising support from Fairshake. Notably, Patronis has advocated for investing state pension funds in cryptocurrency. Additionally, Fairshake has pledged around $500,000 to support state Senator Randy Fine in his bid to succeed Representative Waltz. Trump's endorsement of Fine reportedly deterred several potential challengers. Fine recently expressed on social media that Floridians are eager for crypto innovation. Super PACs like Fairshake are permitted to purchase advertisements for or against candidates, provided these expenditures are independent and not coordinated with the candidates themselves. Fairshake has previously spent $139 million to help elect 53 allies to Congress, indicating that approximately one in ten current lawmakers benefited from crypto-backed advertising. Josh Vlasto, a spokesperson for Fairshake, emphasized the PAC's ongoing commitment to influencing political outcomes, stating, "We are keeping our foot on the gas." With $103 million remaining in its coffers, Fairshake is well-positioned to exert significant influence in the 2026 congressional elections.

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