Fairshake, a leading political action committee (PAC) representing the cryptocurrency sector, faced mixed results in recent congressional primaries, missing its target in Florida’s 24th district despite scoring wins in Florida, Alaska, and Wyoming.
Florida setback despite major spending
Protect Progress, a Fairshake-affiliated group, spent over $2 million on negative advertising against Oliver Gilbert, a Democrat running for the US House in Florida’s 24th district. Despite the extensive campaign, Gilbert secured the victory, earning 34.4% of the votes in a tightly contested primary that included Shevrin Jones and Kendrick Meek.
Throughout the primary, Gilbert was a vocal critic of cryptocurrency interests. He described the negative ads’ backers as “crypto con artists trying to buy a Democratic primary.”
The strategy sparked controversy when ads were found to feature fabricated Miami Herald headlines distorting Gilbert’s policy positions. The Miami Herald responded by condemning the ads, accusing Protect Progress of misrepresenting its reporting to mislead voters.
Despite the pushback, Protect Progress insisted that its advertising campaign rested on accurate information. A spokesperson said the facts in their ads remained true, even after the paper’s public objection.
Gilbert, who opposes the cryptocurrency industry, won his primary, positioning a crypto skeptic to take office in Florida’s heavily Democratic 24th district.
Political forecasters believe Gilbert is now highly likely to win the general election, given the district’s Democratic majority.
Fairshake’s primary wins across states
Fairshake did, however, find notable success in other contested races, committing approximately $3.6 million to campaigns across Florida, Alaska, and Wyoming.
In another Florida primary, Democrat Lois Frankel won her race after receiving more than $150,000 in campaign support from Protect Progress.
In Florida’s 16th district, Republican Sydney Gruters claimed the nomination with Fairshake’s backing. In Wyoming, Republican Harriet Hageman, who is now seeking a seat previously held by pro-crypto figure Senator Cynthia Lummis, also won her primary.
In Alaska, Republican candidate Nick Begich is advancing after receiving strong support in the at-large congressional district primary.
These victories brought Fairshake’s cumulative record in congressional primaries to 49 out of 53 contests.
| State | Candidate Supported | Outcome | PAC Spending |
|---|---|---|---|
| Florida (24th district) | Anti-Gilbert (opposed) | Lost | $2 million+ |
| Florida (other districts) | Lois Frankel, Sydney Gruters | Won | $150,000+ (Frankel) |
| Wyoming | Harriet Hageman | Won | Not specified |
| Alaska | Nick Begich | Leading/in contention | Not specified |
Broader policy implications and funding
Fairshake entered the 2026 election cycle with $193 million in campaign funds. By June, the PAC had already allocated more than $82 million to candidates nationwide, following $130 million in spending during the previous cycle to back crypto-friendly politicians.
The recent election results may carry significant policy consequences. The US Senate is set to debate the Digital Asset Market Clarity Act after its return from recess in September. The bill, approved in the House in July 2025 with bipartisan support by a 294-134 vote, faces continued calls from Senate Democrats for stricter ethical controls, in particular regarding the Trump family’s ties to crypto assets.
Changes in congressional membership after the November midterms could play a key role in determining whether digital asset legislation moves forward or remains stalled through at least 2027.
Mini dictionary: Fairshake is a major political action committee focused on supporting pro-cryptocurrency candidates in US congressional races by providing financial backing and campaign advertising.
While Fairshake saw notable wins in three states, its $2 million effort in Florida’s 24th district failed, exposing ongoing tensions between the crypto industry and its opponents in Congress.
