Key facts
- Fairshake, a PAC funded by Coinbase and Ripple Labs, has spent over $2 million on ads opposing Democratic candidate Oliver Gilbert in Florida's 24th congressional district.
- Gilbert is running for the seat of Representative Frederica Wilson, who previously voted against the Digital Asset Market Clarity (CLARITY) Act and Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act.
- Wilson endorsed Gilbert on June 22.
- The PAC has a significant war chest of $193 million and has already spent over $82 million on various primary and special elections.
- Gilbert has alleged that "Trump's tech billionaire buddies" are behind the ads, which he described as "crypto con artists trying to buy a Democratic primary."
A political action committee, Fairshake, primarily funded by cryptocurrency exchanges Coinbase and Ripple Labs, has spent over $2 million on media opposing Democratic candidate Oliver Gilbert in Florida's 24th congressional district. The ads, which reportedly used fake Miami Herald headlines, emerged despite no candidate in the Democratic primary having previously taken a strong stance on digital assets. Gilbert, who is running for the seat currently held by Representative Frederica Wilson, accused "Trump's tech billionaire buddies" of funding the ads, calling them "crypto con artists trying to buy a Democratic primary."
Wilson, who voted against the Digital Asset Market Clarity (CLARITY) Act and Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act during her tenure, endorsed Gilbert on June 22. Shevrin Jones, another Democratic candidate in the race, has received a "strongly supports" rating from the advocacy organization Stand With Crypto.
Fairshake reported a substantial war chest of $193 million as of January and has utilized affiliates like Protect Progress PAC and Defend American Jobs to support candidates across various races. As of June, the PAC had already invested over $82 million in primaries and special elections. The Protect Progress PAC also spent more than $150,000 supporting Lois Frankel's re-election in Florida's 23rd district, while Defend American Jobs allocated $1.5 million for Republican candidates in Alaska and Wyoming.