Ripple-Backed PAC Deploys $2M to Florida Primary as Crypto Industry Escalates Political Spending

Crypto-Backed Political Committee Escalates Florida Congressional Primary Battle

A political action committee funded by major cryptocurrency exchanges has deployed more than $2 million into Florida’s 24th congressional district primary race, focusing on opposition advertising against a Democratic candidate. The Protect Progress PAC, an affiliate of the larger Fairshake super PAC backed primarily by Ripple and Coinbase, has concentrated its spending on negative media regarding Oliver Gilbert’s bid for a House seat, according to Federal Election Commission filings reviewed this week.

The spending campaign comes as incumbent Representative Frederica Wilson, who previously voted against both the Digital Asset Market Clarity (CLARITY) and Guiding and Establishing National Innovation for US Stablecoins (GENIUS) cryptocurrency legislation during her congressional tenure, has thrown her support behind Gilbert. Notably, prior to the PAC’s advertising blitz, digital asset policy had not emerged as a central focus in the Democratic primary race, suggesting the crypto industry’s involvement may be introducing the issue into the campaign in a significant way.

Among the Democratic candidates competing for Wilson’s seat, Shevrin Jones, a Florida state senator, has taken a more visible stance on digital asset issues. Jones completed an evaluation with Stand With Crypto, the industry advocacy group, and received a rating indicating strong support for favorable cryptocurrency policies and regulations.

Broader Strategy Across Multiple Races

Fairshake’s network has demonstrated substantial financial capacity heading into the 2026 midterm elections. The organization reported commanding resources of $193 million as of January, which it has channeled through various affiliates to support candidates aligned with its policy goals. By June, the combined entities had already allocated over $82 million toward primary elections and special races nationwide, representing a significant early investment in shaping the electoral landscape.

Beyond the Florida contest, the PAC network has extended its reach into other competitive districts and states. The Protect Progress affiliate has invested more than $150,000 backing Representative Lois Frankel’s reelection campaign in Florida’s 23rd district. Meanwhile, a separate affiliate organization, Defend American Jobs, has committed $1.5 million across three races: supporting Representative Nick Begich in Alaska’s at-large district, backing Republican Sydney Gruters in Florida’s 16th congressional district, and financing Representative Harriet Hageman’s Senate bid in Wyoming. The geographic and political diversity of these expenditures demonstrates the PAC network’s strategy of supporting candidates across both major parties who align with favorable cryptocurrency policy positions.

Campaign Controversy and Response

Gilbert’s campaign has characterized the outside spending as evidence of external interference and manipulation. He referenced what he described as “Trump’s tech billionaire buddies” attempting to manipulate a Democratic primary through what he termed a “crypto con.” The advertising materials reportedly featured headlines purporting to originate from the Miami Herald on topics unrelated to cryptocurrency policy, drawing criticism for their characterization.

When questioned about the advertising content and campaign strategy, a Fairshake representative maintained that “the underlying facts in our ad are true,” though declined to elaborate on the specific rationale behind the substantial spending decisions in this particular race or address concerns about the content of the advertisements.

The primary contests occurring on Tuesday across Alaska, California, Florida, and Wyoming will determine which candidates advance to general election matchups in November. These races will help shape whether the Republican or Democratic party maintains control of both chambers of Congress beginning in January 2027. The Senate is scheduled to vote on the CLARITY Act upon returning from recess in September, making this primary season particularly significant for cryptocurrency industry observers.

These races and the September CLARITY Act vote will prove decisive for the regulatory landscape affecting XRP and digital assets broadly.

Source: Federal Election Commission, via Cointelegraph. Not financial advice.