The cryptocurrency industry is stepping up its influence in U.S. politics, with millions of dollars aimed at flipping two critical House seats in Florida’s upcoming special elections.
According to Politico, a network of crypto-backed Super PACs, including Defend American Jobs, Fairshake, and Protect Progress, is now aggressively spending to support Republican candidates with pro-crypto stances, marking one of the most targeted political pushes by digital asset lobbyists to date.
The stakes are high. Florida’s special elections on April 1 could shift the balance in the U.S. House, where the GOP currently holds a razor-thin majority. Of the four open seats nationwide, two are in Florida, and crypto money flows heavily into both.
Defend American Jobs has committed $1.2 million to air ads for Florida State Senator Randy Fine, who’s vying for the seat Michael Waltz vacated after his National Security Adviser appointment. Fine, a vocal crypto advocate, has openly championed innovation and regulatory clarity for the sector.
The PAC is also pouring $345,000 into Jimmy Patronis’ campaign, Florida’s Chief Financial Officer, as he runs to replace Matt Gaetz. Patronis has already signaled openness to crypto investment, requesting a report on whether state retirement funds should gain digital asset exposure.
Crypto’s Political War Chest Is Growing And Targeted
While Fairshake often spreads its bets across both parties, Defend American Jobs appears laser-focused on Republican victories. Federal filings show the PAC raised and spent nearly $60 million from 2023 to 2024, primarily backing GOP-aligned candidates who support the crypto agenda.
Both Fine and Patronis enjoyed early backing from the PAC in their primaries—$500,000 and $200,000, respectively—paving their paths to the general election. Now, the PAC is doubling down, confident these candidates will champion favorable crypto policies in Washington.
Florida isn’t just a battleground state; it’s fast becoming a testing ground for the crypto industry’s political clout. Both races are high-stakes, not only for party control but also for the narrative that crypto can influence elections.
With key roles like the Attorney General and National Security Adviser already linked to the crypto-friendly GOP, the industry is betting that helping allies win in Florida could cement digital assets as a core part of America’s financial future.
The scale and focus of this push underscore a more significant trend, crypto is done playing defense in Washington. By strategically funding candidates supporting digital assets, the industry is now shaping the policies that will govern its future.
With stablecoin regulations and digital asset frameworks looming large in Congress, crypto PACs like Defend American Jobs are making it clear, they’ll back candidates ready to fight for the industry’s growth and survival.
The Takeaway
Florida’s April 1 elections could mark a turning point for the crypto industry’s role in U.S. politics. What was once considered fringe lobbying is now a full-scale campaign with millions in ad buys and carefully selected candidates.
As the 2024 election cycle heats up, one thing is certain: crypto isn’t sitting this one out. The industry is betting big and it wants a seat at the table.
