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Crypto PAC-backed Republicans win US House seats in Florida special elections

Two Republicans who received a combined $1.5 million from the crypto-backed political action committee (PAC) Fairshake will enter the US House after winning special elections in Florida.

Republican Jimmy Patronis won the vacant seat in Florida’s 1st Congressional District to replace Matt Gaetz, taking 57% of the vote to defeat Democrat Gay Valimont, according to AP News data.

Randy Fine also took Florida’s 6th Congressional District with 56.7% of the vote to beat his Democratic rival, public school teacher Josh Weil, and fill a seat left vacant by Mike Waltz, who took a job as White House national security adviser.

Florida’s 1st and 6th Congressional Districts — located in Florida’s western panhandle and along the state’s northeast coast — have been controlled by Republicans for roughly 30 years, but their lead has narrowed in recent years.

Fairshake, a PAC backed by crypto industry giants including Coinbase, Ripple and Andreessen Horowitz, gave Fine around $1.16 million in advertising spending and funneled $347,000 to Patronis to support his campaign.

Both Republicans have expressed support for the crypto industry, with Fine stating in a Jan. 14 X post that “Floridians want crypto innovation!”

Crypto PAC-backed Republicans win US House seats in Florida special elections

Source: Randy Fine

Fairshake and its affiliates poured around $170 million into the 2024 US presidential and congressional elections to back candidates who committed to supporting the crypto industry.

The wins by Patronis and Fine increased Republican representation in the House to 220 seats, with the Democrats holding 213 seats.

There are two vacant seats to be filled after Texas and Arizona Democrats Sylvester Turner and Raúl Grijalva died on March 5 and March 13, respectively.

Florida can expect to see a crypto-friendly regulatory environment 

The victories for Patronis and Fine likely mean that crypto legislation will continue to see support in the US capital.

The Republican Party would have maintained its House majority even if it lost both seats in Florida, but it would have made it more difficult for some of the recently introduced Republican-backed crypto bills to pass through the House and Senate.

Related: Florida bill proposes strict rules against online gambling

At the Digital Assets Summit on March 18, Democratic Congressman Ro Khanna said he believes Congress “should be able to get” both a stablecoin and crypto market structure bill done this year.

Bills that could eventually make their way to the House include the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, which passed the Senate Banking Committee in an 18-6 vote on March 13.

Senator Cynthia Lummis also reintroduced a Bitcoin reserve bill about a week after the Trump administration announced the establishment of a Strategic Bitcoin Reserve on March 6, with the legislation referred to the Senate Banking Committee on March 11.

Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions

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The ‘£7bn’ government secret

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The '£7bn' government secret

👉 Click here to listen to Electoral Dysfunction on your podcast app 👈

Who knew what about the Afghan data leak? And could anyone in parliament have done more to help scrutinise the government at the time of the superinjunction? Harriet thinks so.

So in this episode, Beth, Ruth, and Harriet talk about the massive breach, the secret court hearings, and the constitutional chaos it’s unleashed.

Plus – the fallout from the latest Labour rebellion. Four MPs have lost the whip – officially for repeated defiance, but unofficially? A government source called it “persistent knobheadery”.

So is Keir Starmer tightening his grip or losing control? And how does this compare to rebellions of Labour past?

Oh and singer Chesney Hawkes gets an unexpected mention.

Responding to claims in the podcast about whether Commons Speaker Sir Lindsay Hoyle could have scrutinised the government, a Commons spokesperson said: “As has been made clear, Mr Speaker was himself under a superinjunction, and so would have been under severe legal restrictions regarding speaking about this. He would have had no awareness which organisations or individuals were and were not already aware of this matter.

More on Afghanistan

“The injunction could not constrain proceedings in parliament and between being served with the injunction in September 2023 and the 2024 General Election Mr Speaker granted four UQs on matters relating to Afghan refugees and resettlement schemes.

“Furthermore, as set out in the Justice and Security Act 2013, the Speaker has no powers to refer matters to the Intelligence and Security Committee.”

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GENIUS Act heads to Trump’s desk: Here’s what will change

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GENIUS Act heads to Trump’s desk: Here’s what will change

GENIUS Act heads to Trump’s desk: Here’s what will change

The stablecoin-regulating GENIUS Act is headed to Donald Trump’s desk, which is expected to shake up how stablecoins operate in the US and abroad.

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Commons Speaker Sir Lindsay Hoyle knew about Afghan data leak, claims Harriet Harman

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Commons Speaker Sir Lindsay Hoyle knew about Afghan data leak, claims Harriet Harman

Commons Speaker Sir Lindsay Hoyle knew about Afghan data leak and should have made ministers tell MPs, Dame Harriet Harman has claimed.

Speaking to Beth Rigby on the Electoral Dysfunction podcast, the Labour peer said the Speaker – whose job she ran for in 2019 – should have asked for a key select committee to be made aware.

A spokesperson for the Speaker said he was “himself under a super-injunction” and so “would have been under severe legal restrictions”.

A massive data breach by the British military that was only made public this week exposed the personal information of close to 20,000 Afghan individuals, endangering them and their families.

Successive governments tried to keep the leak secret with a super-injunction, meaning the UK only informed everyone affected on Tuesday – three-and-a-half years after their data was compromised.

The breach occurred in February 2022, when Boris Johnson was prime minister, but was only discovered by the British military in August 2023.

A super-injunction which prevented the reporting of the mistake, was imposed in September of that year.

More on Afghanistan

The previous Conservative government set up a secret scheme in 2023 – which can only now be revealed – to relocate Afghan nationals impacted by the data breach but who were not eligible for an existing programme to relocate and assist individuals who had worked for the British government in Afghanistan.

Some 6,900 Afghans – comprising 1,500 people named on the list as well as their dependents – are being relocated to the UK as part of this programme.

Dame Harriet said: “The Speaker was warned, ‘If somebody’s going to say something which breaches this injunction, will you please shut them up straight away if an MP does this’, and he agreed to do that.

“But what he should have done at the time is he should have said but parliamentary accountability is important. I’m the Speaker. I’m going to stand up for parliamentary accountability. And you must tell the Intelligence and Security Committee and allow them to hold you to account.

“What’s happened now is now that this is out in the open, the Intelligence and Security Committee is going to look at everything. So, it will be able to see all the papers from the MoD [Ministry of Defence].”

Britain's Speaker of the House of Commons Lindsay Hoyle. Pic: Reuters
Image:
Speaker of the House Lindsay Hoyle. Pic: Reuters

Pressed on whether she meant the Speaker had failed to do his job, Dame Harriet replied: “Yes, and it’s a bit invidious for me to be saying that because, of course, at that time, Lindsay Hoyle was elected a speaker, I myself ran to be speaker, and the House chose him rather than me.

Read more:
Afghan data breach timeline: The fallout behind the scenes

Sixteen and 17-year-olds will be able to vote in next general election

“So it’s a bit bad to make this proposal to somebody who actually won an election you didn’t win. But actually, if you think about the Speaker’s role to stand up for parliament, to make sure that government is properly scrutinised, when you’ve got a committee there, which is security cleared to the highest level, appointed by the prime minister, and whose job is exactly to do this.”

A spokesperson for the Speaker said: “As has been made clear, Mr Speaker was himself under a super-injunction, and so would have been under severe legal restrictions regarding speaking about this.

“He would have had no awareness which organisations or individuals were and were not already aware of this matter.

“The injunction could not constrain proceedings in parliament and between being served with the injunction in September 2023 and the 2024 general election, Mr Speaker granted four Urgent Questions on matters relating to Afghan refugees and resettlement schemes.

“Furthermore, as set out in the Justice and Security Act 2013, the Speaker has no powers to refer matters to the Intelligence and Security Committee.”

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