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You are here: Home / Bitcoin Industry News / Crypto PAC Fairshake Steps Up For an Encore in Florida Special Elections

January 17, 2025

Crypto PAC Fairshake Steps Up For an Encore in Florida Special Elections

Crypto’s chief political action committee has put money on its picks for the Florida congressional seats vacated by one of President-elect Donald Trump’s closest allies, Matt Gaetz, and the politician Trump tapped as a national security advisor, Michael Waltz.

With an extremely tight majority in the House of Representatives, the replacement of the two Florida Republicans is paramount to the party’s political agenda in Congress. Crypto super PAC Fairshake — through its affiliate PAC, Defend American Jobs — has begun spending hundreds of thousands of dollars on pro-crypto names in the special elections set to fill the seats.

Gaetz was briefly President-elect Donald Trump’s pick for U.S. attorney general — the nation’s highest law enforcement official — but he resigned from consideration and from Congress as pressures mounted 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 turned to embrace the state’s chief financial officer, Jimmy Patronis, as his favored candidate to fill the resulting opening in the House of Representatives. Patronis, who is outpacing a crowded field of Republican rivals in the January 28 primary, is benefiting from about $200,000 in ad spending from Fairshake, the group said.

In October, Patronis pushed for putting some state pension money into crypto investments.

The PAC also committed about $500,000 to get state Senator Randy Fine to fill Representative Waltz’s vacancy. Trump also backed Fine in an endorsement that reportedly scattered a number of potential competitors.

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

Super PACs can buy ads for or against candidates, as long as they’re “independent expenditures” not approved or coordinated by the candidates. Fairshake spent $139 million to help get 53 allies into the new session of Congress, so one in ten of the sitting lawmakers benefited from crypto-funded ads.

“We are keeping our foot on the gas,” Fairshake spokesman Josh Vlasto said on Friday.

The PAC still has a towering $103 million in funds at its disposal for the next congressional election cycle, putting it far ahead for the 2026 races.

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

Author: Jesse Hamilton

Filed Under: Bitcoin Industry News

Expert Witness

Ty Sagalow head shotTy Sagalow's unique background in legal, underwriting, policy drafting and claims – and his designation as a “qualified insurance expert” by the United States District Court for the Southern District of California – offers attorneys an unparalleled resource in D&O, E&O and Cyber insurance coverage disputes. He was also named "Most Helpful Expert" in a recent $8.7M coverage decision.

Mr. Sagalow served as Chief Underwriting Officer and General Counsel for AIG Executive Liability (formerly National Union Fire Insurance Company of Pittsburgh, PA), the world’s largest carrier of Directors and Officers Liability and Professional Liability Insurance. As General Counsel, Mr. Sagalow personally wrote or led teams that wrote all the D&O policies and many of the professional liability policies that AIG produced between 1988 and 2000 – policies which continue to serve as the foundational wording for the D&O and professional liability policies in the market today. As AIG Executive Liability’s Chief Underwriting Officer, Mr. Sagalow was charged with all underwriting interpretations and decisions for AIG D&O/E&O policies. In 2009, Mr. Sagalow headed up the team that rewrote all D&O policies for Zurich North America.

Ty is a cum laude graduate of Georgetown University Law Center and holds a LLM from New York University School of Law.

Bitcoin Insurance

Combining his talents as a network security insurance expert and an insurance product development expert, Ty Sagalow is the leading expert on the unique risk and insurance needs of the bitcoin industry.

With the successful sale of BitSecure(tm), the first bitcoin theft insurance policy in February of 2015, he is the first to create a sustainable, robust insurance policy to cover the theft of bitcoins and other virtual currency backed by an A-Rated, global “top 10” Property and Casualty insurance company.

Company Profile

Innovation Insurance Group is an insurance consulting firm and insurance brokerage founded by 30-year insurance executive, Ty R. Sagalow, former Chief Underwriting Officer, General Counsel and Chief Innovation Officer at AIG, and former Chief Innovation Officer at Zurich, NA and Tower Group. IIG focuses on three core practice groups: product development, expert witness services (primarily in the Management and Professional Liability areas), and bitcoin industry brokerage services.

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