The cryptocurrency political action committee Fairshake experienced a split outcome during primary contests, securing victories in multiple races while failing to defeat a prominent Democratic candidate in Florida.
Through its affiliated organization Protect Progress, Fairshake allocated upwards of $2 million toward negative advertising campaigns targeting Oliver Gilbert, the Democratic contender in Florida’s 24th congressional district seat. Despite this financial opposition, Gilbert prevailed by capturing 34.4% of the vote in a multi-candidate contest that also featured Shevrin Jones and Kendrick Meek.
Gilbert remained vocal in his opposition to the cryptocurrency sector throughout his campaign, characterizing the organizations funding the negative advertisements as crypto con artists trying to buy a Democratic primary. The advertising campaign drew criticism for using fabricated Miami Herald headlines that inaccurately portrayed Gilbert's policy stances, prompting the newspaper to state that the mock headlines twisted its actual reporting. Protect Progress defended its strategy, with a representative asserting that the underlying facts in the ad were true.
Due to the strong Democratic lean of the 24th district, political analysts anticipate Gilbert will prevail in the November general election, placing a vocal cryptocurrency skeptic in Congress.
Despite the setback in Florida, Fairshake and its related organizations experienced success across other primary races, deploying approximately $3.6 million throughout Florida, Alaska, and Wyoming. In Florida, Democrat Lois Frankel claimed victory following over $150,000 in expenditures from Protect Progress supporting her. Republican Sydney Gruters secured the nomination for Florida’s 16th district with PAC backing, and Republican Harriet Hageman won her Senate primary contest in Wyoming. In Alaska’s at-large congressional district, Republican Nick Begich also advanced in his race.
These four outcomes elevate Fairshake’s cumulative primary performance to 49 victories out of 53 total contests. Fairshake entered the electoral cycle controlling a substantial $193 million reserve, having deployed more than $82 million by June across various races after spending over $130 million backing crypto-favorable candidates during the 2024 cycle.
Electoral outcomes like these carry implications for federal policy, including the trajectory of the Digital Asset Market Clarity Act. The US Senate is scheduled to consider the legislation following its return from recess, following its July 2025 House passage with a 294-134 vote. Changes in congressional composition resulting from upcoming elections may influence whether the legislation advances.
