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Community Divided as Early Voting Begins
Crypto’s Political Influence in Texas
A political action committee backed by cryptocurrency executives has launched pro-Republican ads as early voting for the next U.S. election begins. On October 21, the Bitcoin Voter PAC, via an ad on X, took credit for posting an ad supporting Texas Senator Ted Cruz. The ad highlights Cruz's understanding of Bitcoin but makes no mention of the policies of his opponent, Colin Allred. Ted Cruz is known for his support for the crypto industry. Last year, the senator introduced a bill that prevents the Fed from developing a central bank digital currency. The Bitcoin Voter Project, founded in June, is comprised of board members from major mining companies such as Marathon Digital Holdings, CleanSpark, and Riot Platforms. Their goal is to influence key elections and identify potential pro-crypto voters. Despite their recent activity, records from the Federal Election Commission reveal that the PAC has not filed any contributions or expenditures in the 2024 election as of September 30.
Community Divided as Early Voting Begins
As early voting started in Texas on October 21, voters face a choice between Cruz, a long-time senator since 2013, and Allred, a congressman representing Texas’ 32nd District since 2019. Polls from October suggest that Cruz holds a slight edge over Allred in the race. Additionally, the PAC funded an ad in Pennsylvania supporting former President Donald Trump.
Back in August, the Texas Blockchain Council (TBC), a major crypto advocacy group, endorsed Cruz for his stance on Bitcoin and mining. TBC President Lee Bratcher praised Cruz’s efforts, saying he viewed Bitcoin as a tool for freedom and mining as a means to stabilize Texas’ power grid.
Crypto’s Political Influence in Texas
Despite some support for Allred's pro-crypto stance, he clarified that the TBC chose to support it because of its unreserved support for digital asset policies. He also pointed out that while Allred may be industry-friendly, the defense group didn't have many other recommendations because crypto hasn't played a significant role in most races. Texas has become a major hub of activity in the United States, home to major mining companies such as Riot and Core Scientific. There has also been an influx of battles involving crypto companies. Many of these companies are now looking to Texas as a favorable venue to sue the feds like the Securities and Exchange Commission.