Crypto PAC Wins Four of Five Backed Primaries, But $2M Attack Ad Effort Falls Short

Four out of five candidates supported by crypto aligned political action committee Fairshake won their primaries or advanced on Tuesday, in what could signal the industry’s growing influence heading into the 2026 midterms. Affiliated PACs Protect Progress and Defend American Jobs spent roughly $3.6 million combined on House and Senate races across Alaska, Florida, and Wyoming.

Wins Across Party Lines

Democrat Lois Frankel won her primary in Florida’s 23rd district after Protect Progress spent over $150,000 supporting her campaign. On the Republican side, Defend American Jobs spent $1.5 million backing Nick Begich in Alaska, Sydney Gruters in Florida’s 16th district, and Senator Harriet Hageman in Wyoming, with Gruters and Hageman winning outright and Begich expected to advance.

Targeted Candidate Wins Despite Opposition Ads

Notably, Oliver Gilbert won the Democratic primary in Florida’s 24th district despite being targeted by more than $2 million in negative ads from Protect Progress, securing 34.4% of the vote against challengers Shevrin Jones and Kendrick Meek. Gilbert had previously accused figures tied to the crypto industry of attempting to influence the race through misleading ads, a claim the PAC disputed while defending the accuracy of its messaging.

PAC Signals Continued Spending Ahead

Fairshake, which held a $193 million war chest as of January, has already spent more than $82 million on 2026 midterm races. A spokesperson said the PAC remains focused on building what it called the largest pro-crypto Congress in history.

Election Outcomes Could Shape Crypto Legislation

Congress remains on recess until September, when the Senate is expected to take up a procedural vote on the CLARITY Act. The bill previously passed the House with bipartisan support, though Senate Democrats continue pushing for stronger ethics provisions tied to crypto-related conflicts of interest. The composition of the next Congress following November’s elections could significantly influence whether the legislation ultimately advances.