TLDR
- Fairshake spent over $2 million trying to defeat Democrat Oliver Gilbert in Florida’s 24th district primary and lost
- Gilbert won with 34.4% of the vote despite a heavy negative ad campaign that used fake Miami Herald headlines
- Fairshake-backed candidates won four of five races across Florida, Alaska, and Wyoming on Tuesday
- The crypto PAC’s overall congressional primary record now stands at 49 wins out of 53 elections
- The makeup of the next Congress could affect the future of the Digital Asset Market Clarity Act
The crypto industry’s top political action committee, Fairshake, had a mixed night in Tuesday’s primary elections, winning four of five races but failing to stop a candidate it spent millions to defeat.
It's a big night tonight for Fairshake, which spent $2 million to try and block an anti-crypto Democrat in Florida. pic.twitter.com/XbNWKaJ878
— Teddy Schleifer (@teddyschleifer) August 18, 2026
Fairshake’s Florida Loss
Fairshake’s affiliate PAC, Protect Progress, spent more than $2 million running negative ads against Oliver Gilbert, a Democrat running for Florida’s 24th congressional district. Gilbert won anyway, taking 34.4% of the vote in a crowded field that included Shevrin Jones and Kendrick Meek.
Gilbert had been openly critical of the crypto industry throughout his campaign. He called the groups behind the ads “crypto con artists trying to buy a Democratic primary.”
The ads drew controversy because they included fake Miami Herald headlines that misrepresented Gilbert’s policy positions. The Herald said the mock headlines distorted its own reporting.
Protect Progress defended the ads. A spokesperson said “the underlying facts in our ad are true,” despite the Herald’s public objection.
Because the 24th district is heavily Democratic, Gilbert is widely expected to win the November general election. That would send a critic of the crypto industry to Congress.
Four Wins Across Three States
Outside of the Gilbert race, Fairshake’s night went well. The PAC’s affiliated groups spent around $3.6 million across Florida, Alaska, and Wyoming.
Democrat Lois Frankel won her Florida primary after Protect Progress spent over $150,000 supporting her campaign.
Republican Sydney Gruters won Florida’s 16th district primary with PAC support. In Wyoming, Republican Harriet Hageman won her Senate primary in a dominant performance. She is running for the seat being vacated by crypto advocate Senator Cynthia Lummis.
In Alaska, Republican Nick Begich is expected to advance in his at-large congressional district race.
Those four wins bring Fairshake’s overall primary record to 49 wins out of 53 total elections.
What Comes Next
Fairshake entered the 2026 cycle with a $193 million war chest. As of June, it had spent over $82 million on races. The PAC spent more than $130 million supporting pro-crypto candidates during the 2024 cycle.
The results matter beyond individual races. The US Senate is set to take up the Digital Asset Market Clarity Act when it returns from recess in September. The bill passed the House with bipartisan support in July 2025 on a 294-134 vote, but Senate Democrats have been pushing for stronger ethics provisions tied to the Trump family’s crypto dealings.
A shift in congressional control following the November midterms could determine whether that legislation moves forward or stalls before 2027.
