CLARITY Act · Coinbase · Cointelegraph
Ripple- and Coinbase-funded PAC spends $2 million in Florida race with little mention of crypto
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A Florida representative not running for reelection who voted against the GENIUS and CLARITY Acts has endorsed a Democratic candidate, possibly leading to PAC-funded negative ads.
Key facts
- According to records with the Federal Election Commission (FEC) as of Tuesday, the Protect Progress PAC had spent more than $2 million on ads opposing Democratic candidate Oliver Gilbert in Florida’s
- Fairshake reported holding a $193 million war chest as of January, which it has used through affiliates like Protect Progress and Defend American Jobs to support Democratic and Republican candidates
- The Protect Progress PAC has also spent more than $150,000 on media supporting the re-election of Lois Frankel in Florida’s 23rd district
- An affiliate of political action committee (PAC) Fairshake, funded primarily by Coinbase and Ripple Labs, has poured more than $2 million into media opposing a Democratic candidate who did not appear
Summary
An affiliate of political action committee (PAC) Fairshake, funded primarily by Coinbase and Ripple Labs, has poured more than $2 million into media opposing a Democratic candidate who did not appear to have taken any prominent position on digital assets before the ads were released. According to records with the Federal Election Commission (FEC) as of Tuesday, the Protect Progress PAC had spent more than $2 million on ads opposing Democratic candidate Oliver Gilbert in Florida’s 24th congressional district. The Democratic candidate is running for the seat currently occupied by Representative Frederica Wilson, who, in addition to voting against the Digital Asset Market Clarity (CLARITY) Act and Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act while serving in Congress, endorsed Gilbert.