Crypto PACs Make Ted Cruz’s Senate Seat a Priority, Increase Spending in Election Run-Up
Crypto-focused political action committees are honing in on Texas, days before the U.S. election, where Senator Ted Cruz faces a challenge from Democratic candidate Colin Allred. Early Voting Underway in a Tight Race
Early voting started October 21, with Texas experiencing high turnout so far, with over 2.8 million votes cast. With polls indicating that the race is too close to call, that makes support from political action committees all the more important for both Cruz and Allred in this run-up to election day.
Bitcoin Voter PAC Supports Cruz
The Bitcoin Voter PAC, which is funded by the Bitcoin Voter Project, has spent nearly $30,000 on online advertising for Cruz. Based in Portland, Oregon, the organization focuses on educating voters about Bitcoin and has reportedly raised $65,000 to promote crypto-friendly politicians such as Cruz and other Republicans.
Crypto-Friendly Cruz
He has publicly stated his support for digital assets, furthering his calls for less regulation on Bitcoin mining within Texas and advancing blockchain technology as one of the potential boosters to economies. His pro-crypto stance has drawn big players in the industry and placed him in a very unique position, whereby he is considered by many as the favored candidate among digital asset proponents.
Colin Allred’s Measured Approach to Crypto
Allred, the Democratic challenger, has been more guarded. Though he voted to advance the Financial Innovation and Technology for the 21st Century Act, he expressed concerns over the risks of cryptocurrency, such as facilitating illegal activity financing. But neither has Allred come out in total opposition to the sector-his general stance contrasting with Cruz’s overt support.
Campaign of Cruz Bolstered by Industry Chiefs
That’s including major contributions to the Cruz campaign from the Bitcoin Freedom PAC, but also others directly aligned with the industry, like Coinbase’s Brian Armstrong and Gemini’s Winklevoss twins. Ripple’s co-founder Chris Larsen, who supports Democrat-related initiatives, donated to Allred’s campaign, too; that again explains the split support across the crypto space.
Wider Crypto PAC Influence in the US.
Outside Texas, Fairshake’s affiliates are part of the wave of super PACs that make major media buys across the nation for candidates. This is a function of how major digital asset stakeholders shape the races from top to bottom. Democratic candidate Julie Johnson and Republican John Deaton have received support for their campaigns-a sign of crypto’s growing role in U.S. politics.
