Seeds of Wisdom RV and Economic Updates Wednesday Morning 4-2-25

Good Morning Dinar Recaps,

CRYPTO-BACKED CANDIDATES WIN FLORIDA SPECIAL ELECTION, HEAD TO U.S. HOUSE

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.

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!”

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.

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.

@ Newshounds News™
Source:  99Bitcoins

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TED CRUZ INTRODUCES FLARE ACT TO REPURPOSE FLARED GAS FOR BITCOIN MINING

The Texas Senator’s Facilitate Lower Atmospheric Released Emissions bill aims to make the state “the number one place for Bitcoin mining.”

U.S. Senator Ted Cruz (R-TX) has introduced a new bill aiming to turn waste energy into electricity for Bitcoin mining.

The Facilitate Lower Atmospheric Released Emissions (FLARE) Act, introduced on March 31, is geared towards making waste energy productive by capturing gas that would otherwise be flared or vented. The plan is to incentivise this capture by offering full expensing for property used to capture that gas.

Cruz specifically pointed to crypto mining as a direct output of this extra energy. In a statement announcing the bill’s introduction, he said that it, “takes advantage of Texas’s vast energy potential, reinforces our position as the home of the Bitcoin industry, and is good for the environment.”

The Senator affirmed his commitment to "making Texas the number one place for Bitcoin mining,” adding that the FLARE Act, “incentivizes entrepreneurs and crypto miners to use natural gas that would otherwise be stranded."

The U.S. focused bill specifically names competitive countries that shall not be allowed to participate in the scheme, including China, Iran, North Korea and Russia.

In a press release from Cruz’s office, Hailey Miller, Director of Government Relations & Public Policy at the Digital Power Network, praised the new bill, saying that Bitcoin miners are “uniquely positioned to help reduce emissions by harnessing stranded and wasted energy sources.”

Miller added that the FLARE Act “ensures that American energy producers have the tools to deploy cutting-edge solutions that make our energy markets more efficient and resilient."

The new Act would specifically, "amend the Internal Revenue Code of 1986 to provide for permanent full expensing for property used to capture gas that would otherwise be flared or vented and to use such gas in value-added products."

This measure should also help to enhance grid resilience while offering new electricity and "other useful outputs."

Cruz’s bill comes after U.S. President Donald Trump pledged to ensure that “all remaining Bitcoin” would be mined in the U.S. as part of his reelection campaign. Bitcoin advocates have long held that mining the cryptocurrency could be a means of harnessing waste energy from natural gas flaring, the practice of burning off excess gas that can’t be economically captured or transported.

@ Newshounds News™
Source:  Decrypt

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