Two Republican candidates who received substantial backing from the crypto industry’s political action committee (PAC), Fairshake, have secured seats in the U.S. House of Representatives following special elections in Florida.
Jimmy Patronis and Randy Fine, both Republicans, emerged victorious in their respective districts, according to data from the Associated Press. Patronis won the special election in Florida’s 1st Congressional District with 57% of the vote, defeating Democrat Gay Valimont. The seat was previously held by Matt Gaetz.
Meanwhile, Fine secured victory in Florida’s 6th Congressional District with 56.7% of the vote against Democrat Josh Weil, a public school teacher. This district had been left vacant after Mike Waltz accepted a role as White House national security adviser.
These districts—Florida’s 1st in the western panhandle and the 6th along the northeast coast—have been Republican strongholds for nearly three decades. However, recent election cycles have seen narrowing margins for GOP candidates.
Fairshake, a PAC supported by major crypto industry players such as Coinbase, Ripple, and Andreessen Horowitz, significantly contributed to both Republican campaigns. The PAC spent approximately $1.16 million on advertising to back Fine and directed $347,000 to Patronis’ campaign.
Both newly elected lawmakers have publicly voiced their support for the cryptocurrency sector. Fine, in a social media post on January 14, emphasized Florida’s enthusiasm for crypto innovation. Fairshake and its affiliates collectively funneled around $170 million into the 2024 U.S. presidential and congressional elections, supporting candidates committed to advancing the crypto industry.
The Republican victories bring the party’s representation in the House to 220 seats, compared to the Democrats’ 213, with two seats remaining vacant following the recent deaths of Texas Representative Sylvester Turner and Arizona Representative Raúl Grijalva in March.
While the GOP would have maintained its majority even if both Florida races had gone the other way, the wins bolster Republican efforts to advance crypto-friendly legislation. The added support could prove crucial for recently introduced bills such as the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, which cleared the Senate Banking Committee with an 18-6 vote on March 13.
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