Crypto PAC Bets $700K on Trump-Backed Candidates in Florida Special Elections

Crypto's leading political action committee has disclosed its picks in the Florida congressional races for the seats vacated by President-elect Donald Trump's close ally, Matt Gaetz, and the politician Trump tapped as a national security adviser, Michael Waltz.

The two Florida Republicans' replacements are crucial to the party's political agenda in Congress, given the razor-thin majority in the House of Representatives. Crypto super PAC Fairshake — via its affiliated PAC, Defend American Jobs — has started pouring hundreds of thousands of dollars into pro-crypto candidates in the special elections to fill the seats.

Gaetz was briefly President-elect Donald Trump's pick for U.S. attorney general — the nation's top law enforcement official — but he withdrew from consideration and resigned from Congress amid mounting pressure from a House ethics investigation into his alleged payments for drugs and sex (including a report of sexual activity with a 17-year-old).

Trump went on to back the state's chief financial officer, Jimmy Patronis, as his preferred candidate to fill the resulting vacancy in the House of Representatives. Patronis, who is leading a crowded field of GOP rivals in the Jan. 28 primary, is set to benefit from around $200,000 in ad spending by Fairshake, the group said.

In October, Patronis pushed for some state pension funds to be allocated to crypto investments.

The PAC has also pledged around $500,000 to help state Sen. Randy Fine fill Representative Waltz's vacancy. Trump also endorsed Fine in a move that reportedly scared off several potential competitors.

The candidate posted on social media site X this week that "Floridians want crypto innovation!"

Super PACs are permitted to purchase advertisements for or against candidates, provided that they constitute "independent expenditures" that are not authorized or coordinated by the candidates. Fairshake spent $139 million to help get 53 allies into the new session of Congress, meaning one in ten sitting lawmakers benefited from crypto-funded ads.

"We are continuing to press forward," Fairshake spokesman Josh Vlasto said on Friday.

The PAC still has a massive $103 million on hand for the next congressional election cycle, putting it in a strong position for the 2026 races.

Related: Crypto Cash Fueled 53 Members of the Next U.S. Congress