An affiliate of the Fairshake PAC, backed by major cryptocurrency firms, has spent over $2 million on media campaigns opposing Democratic candidate Oliver Gilbert in Florida’s 24th congressional district. The PAC’s efforts have intensified scrutiny over the role of digital asset firms in US elections, particularly as no prominent Democratic candidate in the primary had previously taken a clear stance on crypto policy.
Fairshake, which reportedly holds a $193 million war chest as of January 2026, operates through multiple affiliates, including Protect Progress and Defend American Jobs. Protect Progress spent over $2 million opposing Gilbert, while Defend American Jobs allocated $1.5 million to support multiple candidates. The FEC’s public records confirm these expenditures, though the rationale behind the focus on Gilbert remains unexplained.
Oliver Gilbert, accused by the PAC of being backed by “crypto con artists,” has faced criticism for not addressing digital assets earlier. Current Representative Frederica Wilson, who endorsed Gilbert, previously opposed the CLARITY Act, a bipartisan proposal to regulate stablecoins. Meanwhile, state senator Shevrin Jones, another Democratic candidate, scored highly on the Stand With Crypto questionnaire, indicating broad support for crypto-friendly policies.
A Fairshake spokesperson defended the ads, citing “the facts” as outlined in media reports, though the PAC provided no further details on its strategy. The article notes uncertainties, including whether the lack of strong crypto positions among Democratic candidates influenced the PAC’s decision-making. As of June, Fairshake affiliates had spent over $82 million on primaries and special elections, underscoring their growing influence in political campaigns.
Written by Rebecca Shaw
Industry Desk
