With just 11 days left until the US Election and Texans already taking part in early voting, crypto political action committees (PACs) have revealed their final expenditures in support of Republican Senator Ted Cruz’s reelection campaign.
According to filings with the Federal Election Commission (FEC) as of October 24, the Bitcoin Voter PAC has spent approximately $30,000 on digital advertising to back Cruz in the 2024 election. The PAC, which received $65,000 from the Bitcoin Voter Project, an organization formed by mining executives aiming to educate voters about Bitcoin (BTC), has released ad spots urging voters to support Republican presidential candidate Donald Trump and Pennsylvania Senate candidate Dave McCormick.
These expenditures come as recent polls show Cruz in a tight race against Democratic Senate candidate Colin Allred. The Texas Secretary of State reported that since early voting began on October 21, approximately 15.1% of registered voters in Texas have already cast their ballots, totaling more than 2.8 million people.
Both candidates, Cruz and Allred, do not appear to be against cryptocurrencies. Cruz, who has spoken at numerous crypto conferences advocating for relaxed restrictions on BTC miners in Texas, has expressed his support for the industry in order to create new jobs, foster entrepreneurship, hedge against inflation, and provide new opportunities. While many of Cruz’s supporters in the crypto space have suggested that Allred is not opposed to digital assets or blockchain technology, they still prefer Cruz due to his outspoken views on the matter.
According to Jayson Browder, the MARA senior vice president of government affairs and social responsibility, speaking on behalf of the Bitcoin Voter Project, protecting Cruz’s seat is a top priority due to his long-standing support for Bitcoin. The Bitcoin Voter PAC’s ad, which was released on the first day of early voting in Texas, is not the only support Cruz has received from the crypto industry.
The FEC records show that the Bitcoin Freedom PAC, a group that believes Democratic victories in 2024 would hinder pro-Bitcoin legislation and regulation, has contributed $350,000 to the Truth and Courage PAC, a committee explicitly backing Cruz’s reelection. Industry leaders such as Coinbase CEO Brian Armstrong and Gemini co-founders Cameron and Tyler Winklevoss have each contributed the maximum allowable amount of $3,300 directly to Cruz’s campaign. On the other hand, Ripple co-founder Chris Larsen, who has donated $11 million in XRP to a Super PAC supporting Democratic presidential candidate Kamala Harris, has sent $3,300 to Allred’s campaign.
Various PACs, including Fairshake and its affiliates Defend American Jobs and Protect Progress, have spent millions of dollars on media buys to either oppose or support candidates from both parties in the 2024 election cycle. For example, Julie Johnson, a Democrat running to replace Allred as the Representative for Texas’ 32nd Congressional District, has received approximately $1 million in support through media buys from Protect Progress. Similarly, the Commonwealth United Fund has accepted contributions from industry leaders to support Republican John Deaton’s challenge to unseat Senator Elizabeth Warren in Massachusetts.
On October 25, Texas became the center of attention for both Democratic and Republican presidential candidates, with Vice President Harris and Trump attending separate campaign events. Trump reportedly made an appearance on comedian Joe Rogan’s podcast in Austin, while Harris held a rally in Houston featuring performances by Beyoncé and Willie Nelson.