Ripple- and Coinbase-funded PAC spends $2M in Florida race with little mention of crypto
Fairshake affiliate Protect Progress PAC, backed mainly by Coinbase and Ripple Labs, spent over $2 million on ads attacking Democratic candidate Oliver Gilbert in Florida’s 24th congressional district. Gilbert had not taken a prominent public position on digital assets before the ads. The campaign included misleading Miami Herald-style headlines, and Gilbert accused “crypto con artists” tied to Trump-aligned billionaires of trying to influence the primary. The race matters because the winner will seek the seat now held by Frederica Wilson, who endorsed Gilbert and voted against the CLARITY and GENIUS Acts. Another Democrat, Shevrin Jones, previously led in an early August poll and received a “strongly supports” rating from Stand With Crypto. Fairshake says it had a $193 million war chest in January and has spent tens of millions in 2026 primary and special-election ads through its affiliates. These primaries could help determine whether Democrats or Republicans control Congress next year.
