Ripple and Coinbase-backed PAC invested $2 million in Florida vote, mainly in non-crypto areas

The Political Action Committee associated with cryptocurrency giant Fairshake has invested more than $2 million in advertising in Florida's 24th Congressional District Democratic primary election

According to Federal Election Commission (FEC) records, a Political Action Committee associated with the cryptocurrency industry heavyweight Fairshake has placed more than $2 million in advertising in early Democratic primary elections in Florida's 24th Congressional District. Coinbase and RippleLabs have been identified as major supporters of Fairshake, and Protect Progress PAC, an affiliate affiliated with the group and said to be aligned with its political strategy, used funds to target Democratic candidate Oliver Gilbert even before the state's primary pattern was taking shape.

Core Points

FEC records show that Protect Progress PAC spent more than $2 million on ads in Florida's 24th District against Democrat Oliver Gilbert. The PAC's timing appears to be aimed at a Democratic primary-before the advertising campaign, the main candidates had not publicly stated a clear position on digital assets. Gilbert and his allies criticized the ads as misleading, while information from Fairshake affiliates claimed its core claims were accurate. The spending is part of a broader pattern of political advertising in the cryptocurrency space before the next Congress.

Protect Progress PAC targets Florida Democratic primary

As of Tuesday, the Protect Progress PAC filed with the FEC showed that it had spent more than $2 million in Florida's 24th Congressional District on media ads against Oliver Gilbert. The race is for the seat held by incumbent Rep. Frederica Wilson. Reports related to the FEC-highlighted a distinctive feature of the timing: Before Protect Progress stepped in, no candidate in the Democratic primary was described as taking a clear, prominent public stance on digital assets. Wilson has endorsed Gilbert. The current lawmaker is also involved in a number of legislation that is opposed by critics in the area of crypto policy, including the Digital Asset Markets Clarification Act and the National Innovation Act to Guide and Establish U.S. stablecoins.

Endorsements, questionnaires and "strong support" ratings

Among the Democratic candidates, Florida Senator and Democratic candidate Shevrin Jones (who leads Gilbert in approval according to an early August poll) has completed a questionnaire organized by Stand With Crypto. According to public materials from the advocacy group, after the questionnaire was completed,"Stand with Crypto" rated Jones as a "strong supporter." That rating puts him closer to the preferences of cryptocurrency-focused political actors than Gilbert's campaign before Protect Progress invested money showed.

Gilbert questions advertising, Fairshake says claims are accurate

Gilbert reportedly said the advertising campaign was driven by "Donald Trump's fellow tech billionaires" and described it as an effort to influence the Democratic primary. He also accused "crypto scammers" of being behind the ads. The ad contained fictional, Miami Herald-style headlines that were not related to the report's policy stance on digital assets, a detail that raised questions from opponents of the PAC's strategy. A statement from a Fairshake spokesman refuted this description. "Facts are facts, and as the Miami Herald said, the basic facts in our advertisements are true," the spokesman said. The spokesperson did not provide specific reasons for the level or timing of PAC spending. Reports said Gilbert's campaign team had been contacted for comment, but no immediate response was received.

Spending in line with the broader cryptocurrency-linked political advertising cycle

The Protect Progress event comes as Fairshake and its affiliates continue to invest heavily in federal primaries and general elections. Previous reports said that as of January, Fairshake held approximately $193 million in funding reserves, and that the group used its affiliates, such as Protect Progress and Defend American Jobs, to support candidates from different parties in the 2026 midterm elections. In June, it was reported that Protect Progress and related efforts had "invested more than $82 million" in primary and special elections to influence voters through advertising, reflecting an ongoing strategy rather than one-time advertising purchases. Other spending during the current federal nomination period further demonstrates the breadth of this strategy. On Tuesday, voters in Alaska, California, Florida and Wyoming will decide which congressional candidates will face off in the November general election. The report also mentioned other expenditures by Protect Progress: more than $150,000 in media ads to support the re-election of Lois Frankel of Florida's 23rd District. For Defend American Jobs, reports say it has invested a total of $1.5 million in multiple campaigns, including advertisements for Congressman Nick Begich, who supports Alaska's statewide congressional district, Republican candidate Sydney Grutes, who holds Florida's 16th District, and Representative Harriet Hagman, who holds the Wyoming Senate seat.

What does this mean for the politics of crypto policy before the next Congress

For voters in these primary elections, the immediate issue is not so much the day-to-day mechanisms of the crypto market as which congressional candidates can promote or block crypto legislation. Protect Progress's advertising strategy suggests that political groups in the crypto space are focusing on reshaping candidate expectations early on-before general election coalitions build to lock in nominees. A legislative timetable is also embedded in the broader political context. Congress will reportedly recess until September, when the Senate is expected to vote on the Digital Asset Markets Clarity Act. For investors and industry participants focused on regulatory direction, selecting candidates in the primary election who focused on committee matters may be as important as the final vote itself. Readers should pay attention to how subsequent FEC updates evolve-especially whether Protect Progress's spending in Florida will extend to other races-and whether the results of the 24th District primary will change the landscape of candidates who are most openly aligned with digital asset policy priorities.