Crypto PAC Money Won Four Primaries, Then Stalled in Miami

cryptonews.ruPublicado a 2026-08-20Actualizado a 2026-08-20

Resumen

The crypto-focused super PAC Fairshake, along with its affiliated committees Protect Progress (supporting Democrats) and Defend American Jobs (supporting Republicans), claimed victories in four out of five recent U.S. congressional primaries. They spent approximately $3.6 million across races in Alaska, Florida, and Wyoming. Their supported Republican candidates Sydney Gruters (FL-16) and Harriet Hageman (WY Senate) won, as did Democrat Lois Frankel (FL-23). However, in a notable setback in Florida's 24th district, Protect Progress spent over $2 million on negative ads against Democrat Oliver Gilbert but failed, as Gilbert won the primary with 34.4% of the vote. Gilbert had previously accused "tech billionaire friends of Donald Trump" of backing the crypto groups' efforts. Fairshake, funded largely by Coinbase, Ripple, and Andreessen Horowitz, has amassed a substantial war chest, reporting $193 million on hand as of January. It has already spent over $130 million in the 2024 cycle. The group's stated goal is to elect a pro-crypto Congress ahead of key legislative efforts, including the Senate's upcoming consideration of the bipartisan CLARITY Act, which aims to establish a comprehensive regulatory framework for digital assets.

The crypto super PAC Fairshake backed winners in four out of five Congressional primaries on Tuesday. However, a Miami-area Democratic candidate withstood over $2 million in Fairshake-funded criticism.

Fairshake Won Four Primaries, Lost in Florida's 24th District

Fairshake directs its spending through two affiliated political action committees. Protect Progress backs Democrats, while Defend American Jobs supports Republicans. The two committees spent approximately $3.6 million on primaries in Alaska, Florida, and Wyoming.

Defend American Jobs spent about $1.5 million supporting three Republicans. Two of them won. Sidney Gruters won in Florida's 16th District, and Representative Harriet Hageman won Wyoming's Senate seat. A third, Nick Begich of Alaska, is expected to advance.

Protect Progress spent over $150,000 backing Democratic candidate Lois Frankel, who won the primary in Florida's 23rd District. All four will likely face opponents in the November general election.

The exception was Florida's 24th District. Protect Progress spent over $2 million on negative advertising and still lost. Oliver Gilbert won the Democratic primary with 34.4% of the vote, ahead of Shevrin Jones and Kendrick Meek.

On August 12, Gilbert accused "Donald Trump's tech billionaire friends" of being behind "crypto masters trying to buy the Democratic primary."

Protect Progress ads used fake Miami Herald headlines that misrepresented Gilbert's position. A spokesperson for the PAC responded that "the facts in our ads are accurate." In his victory speech on Tuesday night, Gilbert did not mention cryptocurrency or the ad campaign.

$193 Million War Chest Points to Need for CLARITY Act

As of January, the network reported a $193 million war chest, largely funded by Coinbase, Ripple, and Andreessen Horowitz. In the 2024 election cycle, it has spent over $130 million supporting allies and opposing critics. As of June, it had already spent over $82 million on the 2026 elections.

According to a previous Cryptopolitan report citing Federal Election Commission (FEC) documents, Protect Progress spent around $5.5 million in June to help Maryland state legislator Adrian Boafo secure the Democratic nomination for the state's 5th District. This amount is part of overall independent expenditures of about $11 million in his favor.

According to federal filings, Protect Progress reported receipts of $23.6 million for the 2025-2026 period, nearly all transferred from affiliated committees, and independent expenditures of $22.7 million.

Fairshake's Jeff Vetter stated the group is "just beginning to build the biggest pro-crypto Congress in history."

Congressional sessions will only begin in September, when the Senate will consider a cloture petition on the Digital Asset Market Clarity Act, aimed at establishing comprehensive rules for digital assets.

In July 2025, the House of Representatives passed the CLARITY Act with bipartisan support: 294 to 134. Senate Democrats have insisted on strong ethics rules regarding the Trump family's crypto assets.

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Preguntas relacionadas

QWhat is the main purpose of the Fairshake crypto super PAC and its affiliated committees?

AThe main purpose of the Fairshake crypto super PAC and its affiliated committees (Protect Progress for Democrats, Defend American Jobs for Republicans) is to financially support political candidates who are favorable to the cryptocurrency industry and oppose critics. Their goal, as stated by Fairshake's Jeff Vetter, is to help elect 'the biggest pro-crypto Congress in history.'

QHow successful was the Fairshake-affiliated spending in the primary elections discussed in the article?

AThe Fairshake-affiliated spending was successful in four out of five primary contests it supported. Its committees spent approximately $3.6 million and helped secure wins for three Republican candidates (Sydney Gruters, Harriet Hageman, and likely Nick Begich) and one Democratic candidate (Lois Frankel). It failed in Florida's 24th district despite spending over $2 million against the eventual winner, Oliver Gilbert.

QWho won the Democratic primary in Florida's 24th district, and how did he respond to the crypto-funded opposition?

AOliver Gilbert won the Democratic primary in Florida's 24th district with 34.4% of the vote. On August 12, he accused 'Donald Trump's tech billionaire friends' of being behind 'crypto masters trying to buy the Democratic primary.' However, in his victory speech, he did not mention cryptocurrency or the ad campaign against him.

QHow much money has the Fairshake network reportedly raised and spent on elections, according to the article?

AAccording to the article, as of January, the Fairshake network reported having $193 million for its election campaign, primarily from Coinbase, Ripple, and Andreessen Horowitz. For the 2024 election cycle, it has spent over $130 million. As of June, it has already spent over $82 million targeting the 2026 elections.

QWhat major legislation is the cryptocurrency industry, including Fairshake, pushing for in Congress?

AThe cryptocurrency industry is pushing for the passage of the Digital Asset Market Structure Clarity Act (CLARITY Act). The article states that when Congress reconvenes in September, the Senate will consider a cloture motion to end debate on this bill, which aims to establish comprehensive rules for digital assets. The House passed the CLARITY bill with bipartisan support in July 2025.

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