The Political Action Committee (PAC), an affiliate of Fairshake, which is primarily funded by Coinbase and Ripple Labs, poured more than $2 million into media opposing a Democratic candidate who appeared to have taken no prominent position on the digital asset before the ads ran.
According to Federal Election Commission (FEC) records as of Tuesday, Protect Progress PAC to spend More than $2 million in ads opposing Democratic candidate Oliver Gilbert in Florida’s 24th Congressional District. Notably, neither candidate in the Democratic primary appears to have taken a strong stance on digital assets as part of their campaign prior to the PAC’s involvement.
The Democratic candidate is running for the seat currently held by Representative Frederica Wilson, who supported Gilbert in addition to voting against the Digital Asset Market Clarity (CLARITY) Act and the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act while serving in Congress. Shevrin Jones was a Florida state senator and Democratic candidate ahead Gilbert has an early August survey completed A questionnaire with Stand With Crypto earned him a “strongly supports” rating from the advocacy organization.
The Gilbert Report said “(Donald) Trump’s tech billionaire friends” were behind the “Crypto con artists trying to buy Democratic primary” ad, including fake Miami Herald headlines unrelated to digital asset policy. Wilson supported Gilbert at an event on June 22. Cointelegraph reached out to Gilbert’s campaign for comment but did not receive an immediate response.
“The facts are true, and as the Miami Herald stated, the facts underlying our ads are true,” a Fairshake spokesperson told Cointelegraph. He did not comment on the reason for the PAC spending.
Fairshake reported holding a $193 million war chest as of January, which it has used through affiliates such as Protect Progress and Defend American Jobs to support Democratic and Republican candidates, respectively, in the 2026 midterm election races. As of June, the PAC had already poured more than $82 million into primaries and special elections to influence voters through advertising.
Related: Crypto PAC pours another $1M into Michigan House race
Primary race to influence party control in 2027
On Tuesday, voters in Alaska, California, Florida and Wyoming will decide on congressional candidates to face in the November general election.
Protect Progress PAC spent more than $150,000 on media in support of Lois Frankel’s re-election in Florida’s 23rd District. Defend American Jobs reported a combined $1.5 million in advertising for Representative Nick Begich in Alaska’s congressional district, Sidney Gruters, Republican candidate in Florida’s 16th District, and Representative Harriet Hageman for a U.S. Senate seat representing Wyoming.
The 2026 primary races will help determine whether Democrats will regain control of the U.S. House of Representatives and Senate starting with the next session of Congress in January, or whether Republicans will retain a majority. Both chambers are in recess until September, when the Senate is expected to hold a vote on the Clarity Act.
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