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You are here: Home / Bitcoin Industry News / Fairshake’s Florida Wins Likely to Amp Up List of Crypto-Supported Allies in Congress

January 29, 2025

Fairshake’s Florida Wins Likely to Amp Up List of Crypto-Supported Allies in Congress

The crypto political action committee that stunned U.S. politics last year, Fairshake, successfully weighed in again in a pair of Florida special elections to replace Republican members of Congress, likely adding to its list of lawmakers who have the industry to thank for campaign support.

A primary election closed Tuesday night, giving pro-crypto candidates supported by $700,000 in Fairshake money overwhelming victories in both seats. Florida’s 1st District vacated by former Representative Matt Gaetz and 6th District vacated by former Representative Mike Waltz are both staunchly Republican, meaning the primary winners — Jimmy Patronis in the 1st and Randy Fine in the 6th — are likely to move on to general-election wins in the April 1 ballot.

The two Florida seats in the House of Representatives were open after President Donald Trump tapped their occupants for other duties — including Gaetz, who flamed out as Trump’s attorney-general pick under accusations he’d paid for sex with a minor and purchased illegal drugs. The other was the seat of Waltz, who Trump elevated as his national security adviser.

The expected wins would also further reinforce the GOP’s slim House majority, which remains so narrow that a gust of political wind in the wrong direction could derail the Republican agenda there.

One of Fairshake’s super-PAC affiliates, Defend American Jobs, is the one that backed the Florida politicians. Patronis was the state’s chief financial officer who was pulling for Florida to embrace crypto in its own state finances, and Fine had also publicly argued for supporting crypto. The PAC devoted about $200,000 to backing Patronis and $500,000 for Fine.

“We were proud to support both candidates with TV ad campaigns,” said Josh Vlasto, a spokesman for Fairshake, which is still sitting on more than $100 million to spend on the next congressional campaign cycle. “The industry looks forward to collaborating with them and the hundreds of members on both sides of the aisle committed to working together to pass responsible regulation.”

Super PACs are permitted to spend unlimited sums on ads for or against candidates, as long as they’re “independent expenditures” purchased without involvement from the campaigns. Fairshake spent $139 million to help get 53 crypto-friendly lawmakers into 2025’s new Congress, so one in ten of the sitting lawmakers were backed by Fairshake-funded ads.

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

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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