Crypto PAC-supported candidates win Florida congressional primaries
Republicans Jimmy Patronis and Randy Fine have won their respective congressional primaries for Florida's 1st and 6th districts, largely due to more than $700,000 in support from the cryptocurrency-backed political action committee (PAC) called Defend American Jobs. This PAC, an affiliate of Fairshake, emphasized media buys to bolster their campaigns ahead of the January 28 primaries. Notably, Fine received over $500,000 in support, while Patronis was backed with $200,000. These districts have been held entirely by Republicans for approximately 30 years. The PAC is part of broader efforts by the crypto industry to influence upcoming elections, particularly with the potential for the Republican candidates to expand their party's majority in the House. The election for these candidates will take place on April 1, following the resignations of their predecessors due to various controversies. If they win against Democratic challengers Gay Valimont and Josh Weil, it could significantly impact legislation, including crypto market structure discussions anticipated in the Senate for 2025.
Source 🔗