Crypto PACs back Florida candidates in tight House races

Two special elections in Florida’s 1st and 6th congressional districts on April 1 could narrow Republicans’ House majority, though experts deem Democratic victories unlikely.

Crypto-linked political action committees (PACs) have injected over $1.5 million into Republican campaigns, reflecting broader industry efforts to influence U.S. policy.

The Defend American Jobs PAC, affiliated with Fairshake, spent $1.5 million on media for Republicans Jimmy Patronis and Randy Fine.

While Democrats Gay Valimont and Josh Weil outraised their opponents—$6.5 million and $10 million versus $1 million each—PAC spending complicates the financial picture.

Elon Musk’s America PAC also contributed $20,000 for texting services in the races.

If Democrats flip both seats, Republicans’ House majority would shrink to 217–218, potentially altering legislative dynamics.

Key crypto-related bills under consideration include market structure reforms and stablecoin regulation, with lawmakers aiming for passage before Congress’ August recess.

“Crypto is not unique to this. [...] All of that money [...] has to go. As long as we have the dark money in politics, that is going to impact our politicians,” criticised Michigan Representative Shri Thanedar, who benefited from crypto PAC support in 2024.

Thanedar, who defeated his Republican opponent with 68% of the vote, acknowledged surprise at Protect Progress PAC’s $1 million media buy backing his primary campaign.

Fairshake, which raised over $131 million in 2024, holds $116 million for 2025–2026 races.

Spokesperson Josh Vlasto stated the PAC is “keeping [its] foot on the gas,” with Coinbase and Ripple Labs among major contributors.