Crypto PACs Take Center Stage in Ted Cruz’s Senate Race, Increase Support Ahead of Election
As the U.S. election approaches in just 11 days, political action committees (PACs) with interests in cryptocurrency are shifting their attention to Texas, where Republican Senator Ted Cruz is facing off against Democratic candidate Colin Allred.
Early voting has already begun, and PACs affiliated with crypto are strongly backing Cruz in his bid for re-election.
According to filings from the Federal Election Commission (FEC), as of October 24, the Bitcoin Voter PAC has spent nearly $30,000 on digital advertisements in support of Cruz.
Bitcoin Voter PAC Encourages Texans to Support Cruz
The Bitcoin Voter PAC, funded by the Bitcoin Voter Project, a group established by executives in the mining industry, is actively urging Texans to support pro-crypto candidates, including Cruz.
The group, which aims to educate voters about the benefits of Bitcoin, has reportedly received $65,000 in donations for its efforts.
In addition to Texas, the PAC is also endorsing Republican presidential candidate Donald Trump and Pennsylvania Senate hopeful Dave McCormick.
Polling data suggests that the Texas race is tight, with Cruz and Allred in a close race 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 their ballots, according to the Texas Secretary of State.
Cruz has been vocal about his stance on cryptocurrency, expressing support for loosening regulations on Bitcoin mining in Texas during public appearances at industry events.
He positions himself as an advocate for blockchain and digital currency, seeing them as tools for job creation, entrepreneurship, and protection against inflation.
On the other hand, Allred, who represents Texas’ 32nd Congressional District, has taken a more cautious approach.
Although he supported the Financial Innovation and Technology for the 21st Century Act, he has expressed concerns about cryptocurrency’s potential role in financing illicit activities, including terrorism.
Despite these reservations, he has not firmly taken an anti-crypto stance, but Cruz’s outspoken support for the sector has gained more favor among digital asset proponents.
Industry Leaders Boost Crypto PAC Support
The Bitcoin Freedom PAC, another PAC aligned with the industry, contributed $350,000 to the Truth and Courage PAC, which explicitly supports Cruz.
Prominent figures in the industry, such as Coinbase CEO Brian Armstrong and Gemini founders Cameron and Tyler Winklevoss, have also made the maximum allowable contribution of $3,300 directly to Cruz’s campaign.
Meanwhile, Ripple co-founder Chris Larsen, a major supporter of Democratic presidential candidate Kamala Harris, donated $3,300 to Allred.
Beyond Texas, various PACs are spending significant amounts across the country. Fairshake’s affiliates, Defend American Jobs and Protect Progress, have invested millions in media campaigns to support or oppose candidates from both parties.
Democratic contender Julie Johnson, who is running for Allred’s congressional seat, has received substantial support through these channels. Likewise, 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 held campaign events in the state.
Trump is scheduled to appear on Joe Rogan’s podcast in Austin, while Harris’s rally in Houston will feature notable figures such as Beyoncé and Willie Nelson.
