Coinbase- and Ripple-Backed PAC Pours $2 Million Into Florida Race

Fairshake and its affiliates, Protect Progress and Defend American Jobs, are funded by major crypto companies including Coinbase and Ripple Labs. The network is seeking to build a bipartisan bloc in Congress that favors clearer rules for digital assets. Its spending matters because the next Congress will shape the fate and implementation of market-structure legislation, including the Digital Asset Market Clarity Act, or CLARITY Act, which would clarify federal oversight of crypto markets.

After Protect Progress spent about $1 million backing incumbent Democratic Representative Shri Thanedar in Michigan, Thanedar lost the Aug. 4 primary. Fairshake and its allied groups have now shifted to congressional contests in Florida, Alaska and Wyoming, committing more than $1.5 million to advertising ahead of all three states’ Aug. 18 primaries. The buys largely support bipartisan House and Senate candidates who previously voted for the CLARITY Act, underscoring the industry’s effort to reward lawmakers aligned with its regulatory agenda.

Protect Progress is an affiliate of Fairshake, the crypto-focused political action committee network backed by industry heavyweights including Ripple Labs and Coinbase. The groups aim to elect candidates viewed as supportive of digital-asset legislation. Democratic Representative Shri Thanedar of Michigan’s 13th Congressional District has voted for the CLARITY Act, GENIUS Act and Promoting Innovation in Blockchain Development Act, making his primary a test of the crypto industry’s growing influence in Washington.

Federal Election Commission filings available as of July 21, 2026, showed Protect Progress had spent more than $986,000 on advertising supporting Thanedar and opposing Michigan state Representative Donavan McKinney. The outlay came about two weeks before the Aug. 4 Democratic primary, whose winner advances to November’s general election. The group also spent roughly $1 million backing Thanedar in 2024, when he won the primary with 54.9% of the vote and the general election with 68.6%. Fairshake and its affiliates reported a $191 million war chest.

Fairshake, a crypto industry-backed super PAC, has emerged as a major force in US elections by supporting candidates viewed as favorable to digital-asset policy. Its Democratic-focused affiliate, Protect Progress, spent about $1 million backing Representative Shri Thanedar in 2024, when he won his primary with 54.9% of the vote. The group’s renewed involvement underscores the industry’s effort to build support in Congress across party lines.

Federal Election Commission data available as of July 20, 2026, showed Protect Progress had spent more than $986,000 on advertising to support Thanedar and oppose challenger Donavan McKinney in Michigan’s 13th Congressional District. McKinney accused the crypto lobby of trying to sway the August 4 Democratic primary. Fairshake and its affiliates have reported $191 million in reserves for key races during the 2026 election cycle.

Colorado’s 8th Congressional District is a key swing seat in the 2026 U.S. midterm elections. Republican incumbent Gabe Evans won it by less than 1 percentage point in 2024. The intervention in the Democratic primary by You Can Push Back, a super PAC funded by Ripple co-founder Chris Larsen, highlights the crypto industry’s use of political spending to influence the direction of congressional regulation.

After the June 30 primary, Manny Rutinel secured the Democratic nomination by defeating Shannon Bird 61.7% to 33.6%. Larsen contributed $3.5 million to the You Can Push Back super PAC, which spent $1 million on media supporting Rutinel’s campaign. Rutinel, rated “strongly supports crypto” by the Coinbase-affiliated group Stand With Crypto, will challenge Evans on November 3.

The U.S. crypto industry has increasingly sought to influence congressional elections through Fairshake and its affiliated political action committees, backing candidates with industry-friendly positions. Primaries can effectively decide seats in safe districts, so the spending could reshape the Congress taking office in January 2027. It has also fueled a backlash among Democrats against outside financial support.

New York, Maryland and Utah held primaries on June 23, 2026, with crypto-backed PACs spending more than $8 million in total. Several candidates they supported won, including one in a Maryland congressional race where Protect Progress spent about $5.5 million. Some Democrats, meanwhile, urged candidates to reject money from wealthy crypto donors.

The crypto industry is seeking to elect lawmakers who support a digital-asset regulatory framework by channeling money into U.S. congressional races through political action committees. Protect Progress and Defend American Jobs are both affiliated with Fairshake. The latter, funded primarily by Coinbase and Ripple Labs, disclosed a $193 million campaign war chest in January 2026, underscoring the industry's growing bipartisan influence.

After the two PACs spent a combined roughly $3.5 million on advertising, all 11 candidates they backed won or advanced in primaries in California, New Jersey and South Dakota on June 2, 2026, securing places in the November general election. They included Democrats Ted Lieu, Zoe Lofgren and Rob Menendez, as well as Republican U.S. Senator Mike Rounds.

Fairshake is a super political action committee funded by crypto companies including Ripple Labs and Coinbase. It supports Republicans through Defend American Jobs and Democrats through Protect Progress. Its bipartisan strategy is aimed at shaping the composition of Congress and digital-asset policy, making the 2026 midterm elections a key battleground for the industry’s regulatory direction.

Georgia, Alabama and Kentucky held primaries on May 19, 2026. Fairshake and affiliated groups spent a combined $20 million on advertising, with all six candidates they backed either winning or advancing. Four Republicans and one Democrat won outright, while Barry Moore, who received $7.4 million in support, advanced to a runoff.

Fairshake is a super political action committee backed by crypto companies including Coinbase and Ripple. Its affiliate Protect Progress focuses on Democratic races, while Defend American Jobs supports Republican candidates. The network spent more than $130 million in 2024 and is now intervening in the 2026 midterm elections to expand the pro-crypto bloc in Congress, with implications for regulatory legislation including the CLARITY Act.

Federal Election Commission filings showed that Fairshake-affiliated PACs had spent $7.2 million in Georgia, Texas, Nebraska, Alabama and Kentucky as of May 7, 2026. Protect Progress accounted for about $1.6 million and Defend American Jobs about $5.6 million. On May 26, Christian Menefee, who received $5 million in campaign support, defeated Al Green in Texas. The groups disclosed more than $3.1 million in additional advertising spending in Maryland on June 2.

Protect Progress, a political action committee funded by the cryptocurrency industry, intervenes in congressional races to support candidates seen as more receptive to digital asset policy. Its backing of Georgia Democratic state Rep. Jasmine Clark reflects the industry's push for Congress to pass market structure legislation favorable to the crypto market's development.

Protect Progress has spent more than $4 million to support Clark's campaign for a U.S. House seat ahead of Georgia's Democratic primary, mainly on advertising and voter mobilization. The primary, scheduled for July 2026, will test whether the crypto PAC's substantial funding can translate into votes and policy influence.