Fairshake-affiliated PAC spends $193 million opposing a candidate with no prior stance on digital assets in a key congressional race.
A political action committee funded by Coinbase and Ripple Labs has spent over $2 million on ads opposing Democratic candidate Oliver Gilbert in Florida’s 24th congressional district. The spending, recorded by the FEC, targets Gilbert despite his lack of a public position on cryptocurrency prior to the ads’ release.
The PAC, Protect Progress, is linked to Fairshake, which has injected $193 million into U.S. political races this cycle. Neither Gilbert nor his primary opponents had emphasized digital asset policies before the PAC’s involvement. Representative Frederica Wilson, who voted against crypto-related bills, endorsed Gilbert, adding complexity to the race.
State Senator Shevrin Jones, leading in early polls, earned a “strongly supports” rating from crypto advocacy group Stand With Crypto after completing its questionnaire.