Fairshake affiliate spends $2M in Florida primary as crypto PACs expand

Crypto PACs have poured $82 million into 2026 primaries, with a Fairshake affiliate spending $2 million in one Florida district.

Protect Progress, a Fairshake affiliate backed by Ripple and Coinbase, has spent more than $2 million on ads opposing Democratic candidate Oliver Gilbert in Florida's 24th congressional district, Federal Election Commission records show. The spending targets a race where digital asset policy has not been a defining issue among candidates.

"Trump's tech billionaire buddies" are backing "crypto con artists trying to buy a Democratic primary," Gilbert said, referring to ads that used fake Miami Herald headlines unrelated to digital asset policy. Gilbert is seeking the seat held by Representative Frederica Wilson, who endorsed him at a June 22 event and voted against the CLARITY Act and the GENIUS Act while in Congress.

Fairshake reported a $193 million war chest as of January and has deployed more than $82 million on primaries and special elections through affiliates including Protect Progress and Defend American Jobs by June. Protect Progress has also spent more than $150,000 supporting the re-election of Lois Frankel in Florida's 23rd district. Defend American Jobs reported a combined $1.5 million in ads backing Representative Nick Begich in Alaska's at-large district, Republican candidate Sydney Gruters in Florida's 16th district, and Representative Harriet Hageman for a Wyoming Senate seat.

Voters in Alaska, California, Florida, and Wyoming decide Tuesday which congressional candidates advance to the November general election. Those contests will help determine whether Democrats retake the House and Senate, while the Senate is expected to vote on the CLARITY Act after lawmakers return from recess in September.

Florida race highlights crypto PAC strategy

The Florida 24th district spending stands out because none of the Democratic primary candidates appeared to have taken a prominent stance on digital assets before the ads began running. Florida state Senator Shevrin Jones, another Democratic candidate, completed a questionnaire with Stand With Crypto and received a "strongly supports" rating from the advocacy group.

Broader 2026 push spans four states

Fairshake's affiliates have deployed funds across Alaska, California, Florida, and Wyoming primaries. The PAC structure allows the industry to back both Democratic and Republican candidates, with Protect Progress focusing on Democratic races and Defend American Jobs on Republican contests.

The spending demonstrates the crypto industry's growing political footprint, with Fairshake's war chest making it one of the largest super PACs in the 2026 cycle. The industry's willingness to spend in races where crypto is not a defining issue suggests it is building long-term political capital that could shape regulatory outcomes beyond the current legislative session.

This article is for informational purposes only and does not constitute investment advice.