Florida CFO Jimmy Patronis delivers remarks before Gov. Ron DeSantis took to the stage during his Don’t Tread on Florida Tour in Sarasota on Nov. 6, ahead of the Nov. 8 midterm election, 2022.
Tiffany Tompkins | Bradenton Herald | Tribune News Service | Getty Images
Fresh off its victories in the 2024 election cycle, the crypto industry is going big in Florida.
Affiliates of the Fairshake super PAC, a fundraising group that helped elect pro-crypto candidates up and down the ticket, is trying to boost Republican candidates in two Florida races, which could determine whether Republicans hold their thin House of Representatives majority.
The vacancies emerged after sitting Republican members left to join President Donald Trump’s second administration. One of them, former Congressman Matt Gaetz, withdrew his nomination for attorney general as he faced a number of legal controversies. The other, Michael Waltz, stepped down to become Trump’s national security adviser.
Fairshake is backing State Sen. Randy Fine with $1.16 million in ad spending, and investing another $345,000 to support Jimmy Patronis, Florida’s chief financial officer. Both have expressed support for digital assets.
Orlando school teacher Josh Weil is the Democratic nominee going up against Fine for the seat previously held by Waltz. Democrat Gay Valimont, a gun violence prevention activist in Pensacola, is looking to take over Gaetz’s seat.
Early voting in Florida begins this weekend. Democrats are aiming to flip both seats in races that have brought in more than $16 million combined, with the vast majority of the cash going towards backing the challengers. The districts have historically leaned red, but Democrats see an opportunity to compete due to the market and economic volatility that have headlined President Trump’s first two months in office.
Fairhsake, which aims to shape Congress in a way that supports favorable crypto regulation, is backed by crypto companies including Coinbase and Ripple as well as venture firm Andreessen Horowitz. It emerged as a major political force in the 2024 House and Senate races, outraising sectors like oil and banking. Fairshake and its affiliates brought in around $170 million in the 2024 cycle, and have $116 million in cash on hand.
The House is currently operating four members short due to recent Democratic vacancies in Texas and Arizona. A sweep by Democrats in those races and the Florida contests could leave Republicans with just a one-seat majority.
WATCH: CNBC’s full interview with Coinbase CEO Brian Armstrong
https://www.cnbc.com/2025/03/21/crypto-pacs-pump-cash-into-florida-gop-risks-thinning-house-majority.html
