Crypto-Backed PAC Spends $2 Million Against Florida Democratic Candidate

An affiliate of Fairshake, the political action committee funded primarily by Coinbase and Ripple Labs, has spent more than $2 million on ads opposing Democratic congressional candidate Oliver Gilbert in Florida’s 24th district. Notably, no candidate in the primary had taken a strong public position on digital assets before the ads began running, according to Federal Election Commission records.

Race Tied to Retiring Representative’s Voting Record

Gilbert is running for the seat currently held by Representative Frederica Wilson, who voted against both the CLARITY Act and GENIUS Act while in Congress and has since endorsed Gilbert. Rival candidate Shevrin Jones, who led an early August poll, has earned a “strongly supports” rating from advocacy group Stand With Crypto.

Candidate Pushes Back on Ad Campaign

Gilbert accused tech billionaires aligned with Trump of funding what he called crypto backed efforts to influence the primary, pointing to ads featuring fake Miami Herald headlines unrelated to crypto policy. A Fairshake spokesperson defended the ads’ accuracy but declined to explain the spending rationale.

Fairshake’s Broader 2026 Spending

Fairshake reported a $193 million war chest as of January, funneled through affiliates like Protect Progress and Defend American Jobs to back candidates from both parties. The PAC has already spent over $82 million on primary and special election ads this cycle, including similar spending in Michigan.

Voters in Alaska, California, Florida, and Wyoming head to the polls Tuesday, with results potentially influencing which party controls Congress starting in 2027.