Key Takeaways:
Protect Progress, a Fairshake affiliate, has spent more than $2 million on ads opposing Democratic candidate Oliver Gilbert in Florida's 24th district, per Federal Election Commission records as of Tuesday.
"The facts are the facts, and, as the Miami Herald stated, the underlying facts in our ad are true," a Fairshake spokesperson told Cointelegraph, declining to comment on the reason for the expenditures.
Fairshake, funded primarily by Coinbase and Ripple Labs, reported holding a $193 million war chest as of January. As of June, the PAC had already spent more than $82 million on primaries and special elections. Protect Progress has also spent more than $150,000 supporting Lois Frankel in Florida's 23rd district, while Defend American Jobs reported a combined $1.5 million on ads favoring Republican candidates in Alaska, Florida, and Wyoming.
Tuesday's primary races in Alaska, California, Florida, and Wyoming will help determine whether Democrats retake control of the US House and Senate in January. Both chambers are on recess until September, when the Senate is expected to hold a vote on the CLARITY Act.
Gilbert, who is running for the seat currently occupied by Representative Frederica Wilson, said "[Donald] Trump's tech billionaire buddies" were behind the "crypto con artists trying to buy a Democratic primary" through the ads, which included fake Miami Herald headlines unrelated to digital asset policy. Wilson, who voted against both the CLARITY Act and the GENIUS Act while serving in Congress, endorsed Gilbert at a June 22 event.
Shevrin Jones, a Florida state senator and Democratic candidate who was ahead of Gilbert in an early August poll, has completed a questionnaire with Stand With Crypto, earning him a "strongly supports" rating from the advocacy organization.
The spending shows how deeply crypto interests have embedded themselves in mainstream US politics. Fairshake has used its affiliates — Protect Progress for Democratic candidates and Defend American Jobs for Republicans — to influence races across the country. The PAC's strategy of targeting primaries rather than general elections allows it to shape the ideological makeup of Congress before voters reach the ballot box.
The Senate's expected September vote on the CLARITY Act, which would establish a clearer regulatory framework for digital assets, represents a key test of whether the industry's political investments translate into legislative outcomes. The GENIUS Act, which would create a federal framework for stablecoin issuers, is also pending. Both bills have drawn support from major crypto companies including Coinbase and Ripple, which have positioned themselves as advocates for clearer regulation.
Fairshake's spending pattern reflects a deliberate strategy by the crypto industry to build bipartisan support in Washington. The PAC has backed both Democrats and Republicans, mirroring the approach of other well-funded industry groups that seek influence regardless of which party controls Congress. The strategy has drawn criticism from candidates like Gilbert who view the spending as an attempt to buy elections, while industry advocates argue it is a legitimate exercise of political speech.
For the crypto industry, the $2 million Florida expenditure is part of a broader pattern: Fairshake's $193 million war chest positions it as one of the most powerful political forces in the 2026 cycle. Whether that spending produces favorable legislation — or triggers a backlash from voters wary of outside money — will become clearer after the September Senate vote and the November general election.
This article is for informational purposes only and does not constitute investment advice.
