A political action committee backed by major cryptocurrency firms Coinbase and Ripple Labs has spent more than $2 million in opposition to Oliver Gilbert, a Democratic candidate in Florida’s 24th congressional district.
Focus on Digital Asset Policy
Federal Election Commission (FEC) filings show that the Protect Progress PAC, an affiliate of the crypto industry-funded Fairshake, invested heavily in media campaigns targeting Gilbert ahead of the state’s Democratic primary. Despite this, none of the Democratic candidates in the race publicly promoted significant policy positions related to digital assets before the advertising campaign began.
Gilbert is vying for the congressional seat currently held by Representative Frederica Wilson. Wilson, who has a record of voting against the Digital Asset Market Clarity (CLARITY) Act and the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, has publicly endorsed Gilbert’s campaign.
Shevrin Jones, a state senator and another Democratic candidate for the 24th district, completed a Stand With Crypto questionnaire that resulted in a “strongly supports” designation from the advocacy group, further highlighting the crypto community’s involvement in local races.
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AAPLGilbert criticized the attack ads, claiming that “Trump’s tech billionaire buddies” were funding “crypto con artists trying to buy a Democratic primary.” According to reports, some of the advertisements included fabricated Miami Herald headlines unrelated to digital asset issues.
Gilbert claimed that tech industry allies of Donald Trump were using crypto funding to sway the Democratic primary, with some ads falsely referencing Miami Herald reporting.
Fairshake, registered as a federal PAC, reported a balance of $193 million as of January. The organization uses affiliates such as Protect Progress to boost Democratic candidates and Defend American Jobs to support Republican candidates. As of June, Fairshake-affiliated PACs funneled over $82 million into primaries and special elections to influence voter perceptions.
Mini dictionary: Fairshake, a US-based political action committee (PAC) that advocates for crypto-friendly regulations by financially supporting candidates who align with digital asset interests in American elections.
Broader Election Spending
The PAC has also spent more than $150,000 backing Lois Frankel’s re-election bid in Florida’s 23rd district. Defend American Jobs, a separate Fairshake affiliate, reported spending a combined $1.5 million in support of Nick Begich in Alaska’s at-large congressional district, Sydney Gruters in Florida’s 16th district, and Harriet Hageman’s run for a US Senate seat from Wyoming.
| Candidate | State/District | Support/Oppose | PAC Funding (approx.) |
|---|---|---|---|
| Oliver Gilbert | Florida, 24th | Oppose | $2 million |
| Lois Frankel | Florida, 23rd | Support | $150,000 |
| Nick Begich | Alaska, at-large | Support | Part of $1.5 million |
| Sydney Gruters | Florida, 16th | Support | Part of $1.5 million |
| Harriet Hageman | Wyoming, Senate | Support | Part of $1.5 million |
On Tuesday, voters in Alaska, California, Florida, and Wyoming are selecting candidates for the November general election. The results of these primaries may influence control of the US House of Representatives and Senate in the next congressional session, beginning in January.
Upcoming Legislative Milestones
Both chambers of Congress are currently on recess, with the Senate planning a vote on the CLARITY Act when it reconvenes in September. The outcome could have significant implications for the regulatory treatment of digital assets in the US.
As billions of dollars pour into campaign spending, future legislation such as the CLARITY Act remains in focus for both digital asset supporters and regulators alike.
