Crypto PACs Intensify Support for Ted Cruz as Election Approaches in Texas

Crypto PACs Intensify Support for Ted Cruz as Election Approaches in Texas

As the U.S. elections draw near with only 11 days remaining, political action committees (PACs) with ties to the cryptocurrency industry are sharpening their focus on Texas, where Republican Senator Ted Cruz is in a competitive race against Democratic challenger Colin Allred. Early voting has commenced, and crypto-affiliated PACs are rallying substantial support for Cruz in his bid for reelection.

Recent filings with the Federal Election Commission (FEC) reveal that the Bitcoin Voter PAC has allocated nearly $30,000 toward digital advertisements promoting Cruz. This PAC, funded by the Bitcoin Voter Project—a group initiated by executives from the mining sector—aims to encourage Texans to support candidates who are favorable to crypto initiatives, including Cruz himself. The Bitcoin Voter PAC reports that it has raised approximately $65,000 in contributions for its activities.

In addition to supporting Cruz, the Bitcoin Voter PAC is also backing Republican presidential candidate Donald Trump and Pennsylvania Senate hopeful Dave McCormick. Polling indicates a tight race in Texas, with Cruz and Allred polling within the margin of error. Since the start of early voting on October 21, more than 2.8 million Texans—about 15.1% of registered voters—have already cast their ballots, as per data from the Texas Secretary of State.

Cruz has consistently articulated his pro-cryptocurrency stance during public engagements at industry events, advocating for reduced regulations surrounding Bitcoin mining in Texas. He has positioned himself as a champion for blockchain technology and digital currencies, touting their potential to drive job creation, foster entrepreneurship, and serve as hedges against inflation. In contrast, Allred, who represents Texas's 32nd Congressional District, has adopted a more measured perspective on cryptocurrency. While he supports the Financial Innovation and Technology for the 21st Century Act, he has raised concerns regarding the potential misuse of cryptocurrencies for financing illegal activities, including terrorism. Nevertheless, Allred has not adopted a distinctly anti-crypto stance, which allows Cruz’s vocal support for the sector to resonate more favorably with digital asset advocates.

Support from the cryptocurrency industry for Cruz's campaign is bolstered by the Bitcoin Freedom PAC, which has contributed $350,000 to the Truth and Courage PAC that specifically backs Cruz. High-profile figures from the crypto world, such as Coinbase CEO Brian Armstrong and Gemini founders Cameron and Tyler Winklevoss, have also made direct contributions to Cruz’s campaign, each donating the maximum allowable amount of $3,300. Conversely, Ripple co-founder Chris Larsen, a supporter of Democratic presidential candidate Kamala Harris, has donated $3,300 to Allred's campaign.

Outside of Texas, various PACs are making substantial financial commitments nationwide. Affiliates of Fairshake, including Defend American Jobs and Protect Progress, have invested millions in advertising to influence candidates across both political parties. Democratic candidate Julie Johnson, who is vying for Allred’s congressional seat, has garnered significant backing through these channels, while the Commonwealth United Fund has financially supported Republican candidate John Deaton’s campaign against Senator Elizabeth Warren in Massachusetts.

The significance of Texas as a battleground for political campaigning was underscored on October 25 when both Vice President Kamala Harris and former President Donald Trump held campaign events in the state. Trump is expected to appear on Joe Rogan’s podcast in Austin, while Harris's rally in Houston will feature prominent figures such as Beyoncé and Willie Nelson.