With only 11 days remaining until the US Election and Texans already participating in early voting, crypto political action committees (PACs) have disclosed 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 with the goal of educating voters about Bitcoin (BTC), has released ad spots encouraging voters to support Republican presidential candidate Donald Trump and Pennsylvania Senate candidate Dave McCormick.
These expenditures come at a crucial time, as various polls indicate a close race between Cruz and Democratic Senate candidate Colin Allred. Since the opening of the polls on October 21, the Texas Secretary of State has reported that approximately 15.1% of registered voters in the state, totaling more than 2.8 million people, have already cast their ballots.
Interestingly, both candidates do not appear to be opposed to cryptocurrencies. Cruz, who has spoken at numerous crypto conferences advocating for relaxed restrictions on BTC miners in Texas, has stated his support for the industry as a means to create jobs, foster entrepreneurship, combat inflation, and present new opportunities. While some of Allred’s supporters in the crypto space have suggested that he is not against digital assets or blockchain technology, they seem to prefer Cruz due to his outspoken views.
Jayson Browder, MARA senior vice president of government affairs and social responsibility, speaking on behalf of the Bitcoin Voter Project, emphasized the importance of protecting Cruz’s seat, given his long-standing advocacy for Bitcoin. He stated, “Ted Cruz has been a Bitcoin champion for a very long time and protecting his seat is a top priority.”
The Bitcoin Voter PAC’s ad, released on the first day of early voting in Texas, is not the only support Cruz has received from the crypto industry. FEC records reveal that the Bitcoin Freedom PAC, a group that believes Democratic victories in 2024 would hinder pro-Bitcoin legislation and regulation, contributed $350,000 to the Truth and Courage PAC, which explicitly supports Cruz’s reelection. Additionally, industry leaders such as Coinbase CEO Brian Armstrong and Gemini co-founders Cameron and Tyler Winklevoss have each donated the maximum allowable amount of $3,300 directly to Cruz’s campaign. On the other hand, Ripple co-founder Chris Larsen, who has contributed $11 million in XRP to a Super PAC supporting Democratic presidential candidate Kamala Harris, has sent $3,300 to Allred’s campaign.
PACs like Fairshake and its affiliated organizations, Defend American Jobs and Protect Progress, have spent millions of dollars on media buys in support of or opposition to candidates from both parties in the 2024 election cycle. For instance, 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. Additionally, PACs like the Commonwealth United Fund have 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 focal point for both Democratic and Republican presidential candidates, with Vice President Harris and Trump attending separate campaign events. Trump is reportedly set to appear on comedian Joe Rogan’s podcast in Austin, while Harris’ campaign will host a rally in Houston featuring performances by Beyoncé and Willie Nelson.