Coinbase and Ripple-backed PAC spends $2M in Florida race

Protect Progress PAC, an affiliate of the Fairshake political action committee, has spent over $2 million on advertisements targeting Democratic candidate Oliver Gilbert in Florida’s 24th congressional district. The PAC is primarily funded by cryptocurrency firms Coinbase and Ripple Labs.

Before the PAC’s involvement, none of the candidates in the Democratic primary had taken prominent public stances on digital asset policy. The spending comes as the seat, currently held by Representative Frederica Wilson, becomes a focal point for crypto-related political influence. Wilson previously voted against the Digital Asset Market Clarity (CLARITY) Act and the GENIUS Act.

Oliver Gilbert has criticized the campaign efforts, characterizing the ads as attempts by tech billionaires to influence the primary. The advertisements reportedly included fabricated headlines from the Miami Herald. A spokesperson for Fairshake defended the ads, stating that the underlying facts presented were true.