Crypto PACs Win Four of Five Primaries Despite $2M Florida Defeat

The crypto-aligned political action committee Fairshake and its affiliated groups Protect Progress and Defend American Jobs won four of five legislative primary races on Tuesday, despite a $2 million advertising campaign in Florida that failed to stop the Democratic frontrunner.

The PACs spent about $3.6 million in Alaska, Florida, and Wyoming, backing candidates from both parties. Four of the five candidates they supported advanced to the general election. PAC leaders said the results show the industry's political influence is growing.

Florida's 24th district was the exception. Protect Progress invested over $2 million in negative ads against Oliver Gilbert, a Democratic candidate. Gilbert won the primary with 34.4% of the vote, defeating Shevrin Jones and Kendrick Meek. During the campaign, Gilbert called the advertisers "crypto scam artists trying to buy a Democratic primary." The Miami Herald reported on August 12 that the ads included fake headlines from the newspaper that misrepresented Gilbert's positions. A PAC spokesperson defended the accuracy of the underlying facts. Gilbert did not mention crypto or the ads in his acceptance speech.

Defend American Jobs had better results elsewhere. The group spent $1.5 million on advertising to support Nick Begich in Alaska, Sydney Gruters in Florida's 16th district, and Representative Harriet Hageman in Wyoming's Senate race. Gruters and Hageman won their primaries. Begich is expected to advance. Protect Progress also spent over $150,000 to support Democrat Lois Frankel, who won in Florida's 23rd district.

The primary results come as the Senate prepares to vote on the CLARITY Act, a bill that would set comprehensive rules for digital assets. The House passed it in July 2025 with 294 votes for and 134 against. The bill faces opposition from Democratic senators who want stricter ethics rules tied to the Trump family's crypto holdings.

Fairshake spokesperson Geoff Vetter said the PAC is "just beginning to build the most pro-crypto Congress in history." The Senate is expected to take up the bill when it returns from recess in September.

The PACs' mixed performance in Florida highlights a tension in the crypto industry's political strategy. Spending heavily against a candidate who then wins can backfire, especially when the candidate uses the attack as a campaign tool. Gilbert's 34.4% win was narrow – three candidates split the vote – but the ads did not push him below the threshold.

For the broader industry, the primary cycle serves as a warm-up for the general election. Fairshake and its affiliates have raised tens of millions of dollars from crypto companies and executives. The groups plan to spend heavily in swing districts where digital asset regulation is a live issue. The CLARITY Act's fate in the Senate will determine whether that spending translates into policy.

The Senate Banking Committee has not yet scheduled a vote. Democratic leaders have signaled they want amendments on ethics and consumer protection. Republican sponsors say the bill as written already addresses those concerns. The standoff means the legislation could slip into 2026.

Fairshake's Vetter said the PAC will keep backing candidates who support clear rules for digital assets, regardless of party. "We are building a coalition that will last beyond any single election," he said.

The next test comes in September, when the Senate returns and the CLARITY Act faces its first committee vote.