Crypto PACs Prioritize Ted Cruz’s Senate Seat, Ramp Up Support Ahead of Election

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Ruholamin Haqshanas

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Ruholamin Haqshanas

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Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...

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October 26, 2024

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With the U.S. election looming just 11 days away, political action committees (PACs) with crypto interests are turning their focus to Texas, where Republican Senator Ted Cruz is facing off against Democratic candidate Colin Allred.

Early voting is already underway, and crypto-affiliated PACs are significantly backing Cruz in his bid for reelection.

Filings from the Federal Election Commission (FEC) reveal that, as of October 24, the Bitcoin Voter PAC has spent close to $30,000 on digital advertisements in support of Cruz.

Bitcoin Voter PAC Encourages Texans to Back Cruz

The Bitcoin Voter PAC, which is funded by the Bitcoin Voter Project, a group established by mining industry executives, is actively encouraging Texans to back pro-crypto candidates, including Cruz.

The group, which claims to educate voters on the benefits of Bitcoin, has reportedly garnered $65,000 in donations for its efforts.

In addition to Texas, the PAC is also promoting Republican presidential candidate Donald Trump and Pennsylvania Senate hopeful Dave McCormick.

Polling data suggests the Texas race is tight, with Cruz and Allred neck-and-neck within the margin of error.

Since early voting began on October 21, over 2.8 million Texans—approximately 15.1% of registered voters—have cast ballots, according to the Texas Secretary of State.

Cruz has made his stance on cryptocurrency clear through public appearances at industry events, where he has voiced support for loosening regulations on Bitcoin mining in Texas.

He has positioned himself as an advocate for blockchain and digital currency as potential tools for job creation, entrepreneurship, and inflation hedging.

In contrast, Allred, who represents Texas’ 32nd Congressional District, has taken a more cautious approach.

He supported the Financial Innovation and Technology for the 21st Century Act but has also expressed concerns over cryptocurrency’s potential role in financing illicit activities, including terrorism.

Despite these reservations, he has not taken a firm anti-crypto position, though Cruz’s outspoken support for the sector has attracted more favor among digital asset proponents.

Industry Titans Bolster Crypto PAC Support

The Bitcoin Freedom PAC, another industry-aligned committee, contributed $350,000 to the Truth and Courage PAC, which is explicitly supporting Cruz.

High-profile industry figures such as Coinbase CEO Brian Armstrong and Gemini founders Cameron and Tyler Winklevoss have also contributed the maximum allowable amount of $3,300 directly to Cruz’s campaign.

Meanwhile, Ripple co-founder Chris Larsen, a major supporter of Democratic presidential candidate Kamala Harris, contributed $3,300 to Allred.

Beyond Texas, various PACs are spending heavily across the country. Fairshake’s affiliates, Defend American Jobs and Protect Progress, have invested millions in media buys to support or oppose candidates on both sides of the aisle.

Democratic contender Julie Johnson, vying for Allred’s congressional seat, has received significant support through these channels, while the Commonwealth United Fund has financed Republican candidate John Deaton’s campaign to challenge Senator Elizabeth Warren in Massachusetts.

The importance of Texas was highlighted on October 25 as Vice President Kamala Harris and former President Trump each held campaign events in the state.

Trump is slated to appear on Joe Rogan’s podcast in Austin, while Harris’s rally in Houston will feature notable figures including Beyoncé and Willie Nelson.