Crypto PAC Fairshake Loses $2M Florida Primary Despite Winning Streak

Fairshake, the crypto industry's top political action committee, suffered a setback Tuesday in Florida's 24th district primary. The PAC spent $2 million trying to defeat Democrat Oliver Gilbert, a vocal crypto critic. Gilbert won with 34.4% of the vote in a multicandidate field.

Gilbert called the group "crypto con artists trying to buy a Democratic primary." The PAC's ads used fabricated Miami Herald headlines, a move the newspaper said distorted its reporting. A Protect Progress representative said the "underlying facts in our ad are true."

Fairshake's losing effort stands against four wins in other races Tuesday. Democrat Lois Frankel won her Florida primary after $150,000 in Protect Progress spending. Republican Sydney Gruters secured Florida's 16th district nomination. In Wyoming, Republican Harriet Hageman won her Senate primary; she is vying for the seat held by crypto supporter Cynthia Lummis. Republican Nick Begich advanced in Alaska's at-large race. The victories bring Fairshake's primary record to 49 wins out of 53 contests.

Fairshake entered the 2026 cycle with $193 million. By June it had spent over $82 million. In the 2024 cycle, it deployed more than $130 million. The PAC's spending power has made it a central force in congressional races.

The outcomes carry weight beyond the primaries. The Senate returns in September to consider the Digital Asset Market Clarity Act. The House passed the bill in July 2025 with a 294-134 vote, but Senate Democrats want stronger ethics rules tied to the Trump family's crypto dealings. Political analysts said the November midterms will decide whether the legislation moves forward or stalls.