Major players in the crypto industry are no longer just waiting for politicians to speak out; they are now choosing to proactively block certain candidates from entering the arena. Protect Progress PAC, an affiliate of the Fairshake political organization funded primarily by Coinbase and Ripple Labs, has just deployed over $2 million. This substantial funding was poured solely to block the progress of Oliver Gilbert, a Democratic candidate running in Florida’s 24th congressional district.
This campaign funding injection has raised questions because it targets an unexpected figure. Gilbert himself has never taken a prominent stance, let alone opposed issues surrounding digital assets, long before the PAC’s campaign ads began targeting him.
Punishment for Another’s Endorsement
The reason behind the campaign does not stem from Gilbert’s personal track record, but rather from the political support he has received. The incumbent congresswoman from the district, Frederica Wilson, recently officially endorsed Gilbert to succeed her. In the eyes of the crypto lobby, this endorsement is problematic because Wilson has a record of voting against pro-crypto bills such as the CLARITY Act and the GENIUS Act.
The PAC is not spending money without having an alternative option. In the same district, there is another Democratic candidate named Shevrin Jones. Unlike Gilbert, Jones has already secured a top rating from the Stand With Crypto advocacy group.
This onslaught has drawn direct pushback from Gilbert. He openly accused Trump’s tech billionaire allies of being behind the efforts of crypto scam groups aiming to buy Democratic primary seats. The situation grew more tense after it was revealed that the PAC’s campaign ads featured a fake Miami Herald headline, with content completely unrelated to crypto policy.
Hundreds of Millions of Dollars in Capital Ahead of Senate Vote
This funding intervention in Florida is backed by deep campaign pockets. Entering January 2026, the Fairshake PAC’s reserves remained massive at $193 million. By the end of June 2026, the group had already poured over $82 million to support various primary and special elections.
This cash flow is also bipartisan. Their other affiliate, Defend American Jobs, disbursed up to $1.5 million to directly support Republican candidates competing in Alaska, Florida, and Wyoming. All of these funds targeted the same day, coinciding with voters in Alaska, California, Florida, and Wyoming heading to the polls on Tuesday, August 18.
For industry players, these campaign expenditures point toward a final battle at the federal level. Crypto lobbyists need allies when the United States Senate reconvenes after the September recess, which is when the vote on the CLARITY Act is scheduled to take place. Buying influence at the grassroots level has now become a go-to strategy before regulations are finalized in the nation’s capital.
As reported by Cointelegraph.
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
