Florida Republican lawmakers, backed by crypto industry donations, are championing the GENIUS Act as Donald Trump embraces digital currency. With millions at stake and controversy looming, the Sunshine State becomes a key battleground in America’s crypto future.
Florida Republicans Push Pro-Crypto Legislation as Trump’s Influence Grows
Two Florida Republican congressmen, Jimmy Patronis of Panama City and Randy Fine of Palm Bay, are emerging as prominent supporters of landmark cryptocurrency legislation, aligning themselves closely with former President Donald Trump as he pushes a pro-crypto agenda. The lawmakers, recently elected in April special elections, received a combined $1.5 million in campaign backing from crypto-focused political action committees eager to influence federal crypto regulation.
Their support comes at a pivotal moment for the industry, as the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act advances toward a House vote expected on July 17. Already passed with bipartisan support in the Senate, the legislation marks a significant shift in the regulatory landscape for digital assets.
Stablecoins Take Center Stage in Crypto’s Mainstream Push
At the heart of the GENIUS Act is the legal framework for stablecoins—digital tokens backed by the U.S. dollar and supported by real assets. The measure is intended to improve consumer trust and bolster the legitimacy of cryptocurrencies in the eyes of both the public and traditional financial institutions.
The PAC Defend American Jobs celebrated the victories of Patronis and Fine, stating the two “have shown a deep commitment to advancing pro-growth policies and ensuring the U.S. leads the world in crypto and digital asset innovation.”
President Trump, once a crypto skeptic who labeled the technology a “scam” and “based on thin air,” now champions the industry. His shift comes amid reports that he and his family control 40% of World Liberty Financial, a firm selling crypto tokens. According to Forbes, token sales may have earned the Trump family an estimated $20 million this month alone.
Trump’s sons have also launched a company offering stablecoins, deepening the family’s financial involvement in the sector.
Opposition Mounts Amid Corruption Allegations and Financial Concerns
The GENIUS Act hasn’t escaped criticism. Senator Elizabeth Warren of Massachusetts remains one of its most vocal opponents, warning that the bill lacks sufficient consumer protections and could endanger financial stability. “It will create a superhighway for Donald Trump’s corruption,” Warren said, expressing deep concern over the president’s personal stake in the industry.
Crypto donors played a major role in Trump’s 2024 campaign and inaugural committee fundraising. Among key figures in the effort is Brian Ballard, a Florida fundraiser with ties to Trump and to crypto company Ripple, a major industry player.
Florida Lawmakers Double Down on Digital Assets
Both Patronis and Fine, endorsed by Trump in their respective races, have actively promoted cryptocurrency in Florida. Fine stated, “Floridians want crypto innovation,” while Patronis—formerly Florida’s Chief Financial Officer—once proposed allowing the state retirement system to invest in Bitcoin. The initiative, however, has yet to materialize.
Following Patronis’ departure for Congress, state-level efforts to introduce Bitcoin into pension investments have faltered. Bills introduced by Rep. Webster Barnaby and Sen. Joe Gruters failed to pass. Gruters, now running for CFO, had proposed allowing up to 10% of the state’s pension fund to be invested in Bitcoin—unlike stablecoins, a volatile and unpegged cryptocurrency.
Meanwhile, U.S. Rep. Mike Haridopolos of Indian Harbor Beach has emerged as a new champion of the crypto cause. Serving as the GOP’s whip on the House Financial Services Committee, he recently told FOX News, “America needs to be the centerpoint of this opportunity. This will reduce costs for businesses and will make it more transparent as well. It will speed up the way we move money at a lower cost.”
On the president’s role in the debate, Haridopolos added, “The president is fully engaged.”
As Trump’s Crypto Ties Deepen, Florida Stays in the Spotlight
With Florida Republicans taking the lead on Capitol Hill, and Trump himself deeply embedded in the crypto economy, the GENIUS Act has become more than just a piece of legislation—it’s a political flashpoint. As the House vote looms, the Sunshine State finds itself at the forefront of a digital currency revolution, raising questions not only about financial innovation but also about ethics, influence, and the future of money in American politics.
