Fairshake Falters: Crypto PAC Suffers $2 Million Loss in Florida Primaries

Fairshake, a super PAC funded mainly by major crypto firms like Coinbase and Ripple, faced a significant setback in Florida's primaries. The group spent around $2 million opposing Miami-Dade County Commissioner Oliver Gilbert, but he won the Democratic primary for Florida's 24th Congressional District anyway.

Gilbert secured about 34.5% to 35% of the vote in a seven-candidate field on August 18, outpacing State Sen. Shevrin Jones and the rest of the contenders. Fairshake and its affiliate Protect Progress had directed their spending towards advertising and mailings aimed at sinking Gilbert's candidacy.

The loss marks a notable misstep for Fairshake, which has become the crypto industry's primary vehicle for translating corporate dollars into political influence. With a war chest exceeding $193 million early in the 2026 election cycle, the group has already spent over $1.5 million on campaigns in Alaska and Wyoming.