Ripple, Coinbase-Backed PAC Deploys $2M Against Crypto-Skeptical Florida Candidate

Massive Spending in Unlikely Battleground

A political action committee funded by Ripple and Coinbase has channeled more than $2 million into advertising efforts against Democratic candidate Oliver Gilbert in Florida’s 24th congressional district race, according to Federal Election Commission records reviewed this week. The Protect Progress affiliate of Fairshake undertook the spending blitz despite none of the Democratic primary contenders having established clear positions on cryptocurrency issues before the campaign began.

Gilbert responded to the advertising push by accusing cryptocurrency interests of attempting to manipulate the Democratic primary. He characterized the backers as attempting to exploit the race through misleading tactics, noting that the advertisements themselves featured fabricated newspaper headlines bearing no relation to digital asset policy. The scale of the spending drew immediate attention given the apparent absence of cryptocurrency as a primary campaign issue in the race.

Divergent Approaches to Crypto Regulation

The current district representative, Frederica Wilson, has consistently opposed cryptocurrency industry legislative priorities. During her congressional tenure, Wilson voted against both the Digital Asset Market Clarity Act and the Guiding and Establishing National Innovation for US Stablecoins Act. Despite this record, Wilson publicly endorsed Gilbert at a campaign event in June.

Among the Democratic field, Florida state senator Shevrin Jones has taken a notably different stance on digital assets. Jones completed a questionnaire with the advocacy organization Stand With Crypto and secured a “strongly supports” rating from the group. Early polling data from August positioned Jones ahead of Gilbert in the primary matchup.

Crypto’s Growing Electoral Presence

The Florida race underscores the expanding financial commitment cryptocurrency organizations are making to shape electoral outcomes. Fairshake maintains a $193 million financial reserve as of January and had already deployed more than $82 million toward primary elections and special races as of June through various affiliated PACs supporting both Democratic and Republican candidates.

Beyond Florida, crypto-backed spending has extended across multiple races. The Defend American Jobs affiliate allocated approximately $1.5 million combined in Alaska, Florida, and Wyoming supporting Republican candidates. Protect Progress additionally directed more than $150,000 supporting incumbent Lois Frankel’s re-election campaign in Florida’s 23rd district.

Tuesday’s primary elections across Alaska, California, Florida, and Wyoming will determine nominees for the general election in November, with control of Congress remaining in balance. The Senate is scheduled to vote on the Digital Asset Market Clarity Act in September, underscoring how closely cryptocurrency regulation remains tied to electoral outcomes and congressional composition.

The outcome of these races could substantially influence whether pro-regulation or crypto-friendly lawmakers shape digital asset policy in the next Congress.

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