Two Republican candidates supported by the crypto-funded political action committee Fairshake have secured seats in the US House of Representatives following special election in Florida, marking a notable win for the digital asset industry.
Jimmy Patronis emerged victorious in Florida’s 1st Congressional District, defeating Democrat Gay Valimont with 57% of the vote, according to Associated Press data.
Meanwhile, Randy Fine clinched the 6th District seat with 56.7% support, overcoming public school teacher Josh Weil. These elections filled vacancies left by Matt Gaetz and Mike Waltz, respectively—the latter recently taking up a post as White House national security adviser.
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GOP Tightens Grip on Long-Held Florida Districts Amid Narrowing Margins
Both districts have traditionally been Republican strongholds for the past three decades, though recent cycles have shown narrowing margins. The latest victories further solidify GOP control in these areas.
Fairshake, a crypto-focused PAC backed by major industry players such as Coinbase, Ripple, and venture capital firm Andreessen Horowitz, spent heavily in support of both candidates.
The PAC invested approximately $1.16 million on behalf of Fine and $347,000 to bolster Patronis’s campaign.
Both incoming representatives have openly supported the cryptocurrency industry. In a January 14 post on X (formerly Twitter), Fine declared, “Floridians want crypto innovation!”
Floridians want crypto innovation! But that doesn’t mean we don’t need clear rules of the road. In Congress, I’ll work to protect consumers, enshrine freedom, and keep innovation jobs in America. Last thing we need is China taking over.
— Senator Randy Fine (@VoteRandyFine) January 15, 2025
Fairshake has played an increasingly influential role in US politics, channeling roughly $170 million into the 2024 election cycle to support candidates aligned with pro-crypto legislation.
With Patronis and Fine entering the House, Republican representation rises to 220 seats, while Democrats hold 213. Two additional seats remain vacant following the recent deaths of Representatives Sylvester Turner (D-TX) and Raúl Grijalva (D-AZ) earlier this month.
While the GOP would have retained its House majority regardless of the Florida outcomes, the added support strengthens the likelihood of advancing crypto-related legislation in Congress.
Several bills are already in play, including the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, which passed the Senate Banking Committee in mid-March with bipartisan support.
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Rep. Ro Khanna Says Crypto Legislation Could Pass This Year
At the Digital Assets Summit on March 18, Democratic Representative Ro Khanna expressed optimism that Congress could pass both a stablecoin framework and a broader crypto market structure bill this year.
In addition, Senator Cynthia Lummis recently reintroduced a bill to establish a Strategic Bitcoin Reserve, a move that aligns with ongoing Republican efforts to bolster U.S. leadership in digital asset infrastructure.
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Key Takeaways
- Two Republicans backed by crypto PAC Fairshake won Florida special election, securing seats in the US House of Representatives.
- Fairshake spent over $1.5 million supporting the political candidates, both of whom support crypto innovation.
- Their victories boost GOP strength and increase momentum for advancing crypto legislation in Congress.
The post Crypto-Backed Candidates Win Florida Special Election, Head to U.S. House appeared first on 99Bitcoins.