Why did Protect Progress spend more than $2 million in Florida?

Protect Progress spent more than $2 million opposing Democratic candidate Oliver Gilbert in Florida’s 24th congressional district.

What are Protect Progress’s ads about?

Protect Progress’s ads targeted Oliver Gilbert, with reports saying they focused mainly on issues unrelated to digital asset policy.

Fairshake is a crypto industry-backed political action committee network that supports groups including Protect Progress.

Coinbase is a major Fairshake backer, alongside Ripple Labs, which has helped fund the political network.

The spending shows how crypto-backed political groups are using campaign funds to influence US congressional races.

Image for illustrative purposes only. Not a real photo.

Written by Liezl GambePublished Aug 19, 2026, 2:24 AM

Protect Progress spent more than $2 million opposing Democrat Oliver Gilbert in Florida.
The ads focused little on crypto policy despite the group’s industry funding.
The spending comes before Florida’s congressional primary and the 2026 US midterm elections.

Protect Progress spent more than $2 million opposing Democrat Oliver Gilbert in Florida’s 24th congressional district.

The political action committee is linked to Fairshake, which receives major funding from Coinbase and Ripple Labs.

A Fairshake spokesperson defended the ad, saying its underlying claims were accurate and citing the Miami Herald.

Federal Election Commission records showed the money funded media advertising, while Gilbert had no major crypto policy position.

The ads used fake Miami Herald headlines and focused on issues outside digital asset policy, according to Cointelegraph.

Coinbase shares fell 2.1% to $147.36 on August 18 amid wider crypto market concerns.

Fairshake reported $193 million in cash in January and had spent more than $82 million by June.