With the election fast approaching, some crypto packs are focusing on the race between Republican Sen. Ted Cruz and Democratic challenger Colin Allred.
Crypto-focused political action committee takes action in Texas as U.S. election day approaches and re-election battle heats up between Republican Sen. Ted Cruz and Democratic challenger Colin Allred It’s becoming more concentrated. Early voting began on October 21st, and crypto interest PACs began actively supporting Cruz’s campaign for the Senate seat.
As of Oct. 24, Bitcoin Voters PAC has already spent nearly $30,000 on digital ads for Cruz, according to recent FEC filings. The Bitcoin Voter Project, led by several crypto mining industry executives, is backing the PAC to rally support. It attracted pro-cryptocurrency candidates across the state. Bitcoin Voters PAC, which has raised $65,000 so far, has been very active in promoting candidates like Cruz who champion Bitcoin and blockchain technology.
Outside of Texas, the PAC has garnered support from Republican presidential candidate Donald Trump and Pennsylvania Senate candidate Dave McCormick, demonstrating a broader commitment to promoting crypto-friendly leadership at various levels of government. are. The race in Texas remains close, with recent polls showing Mr. Cruz and Mr. Allred in a virtual tie.
Cruz has been very vocal in his support of the crypto industry, speaking at conferences and calling for looser regulations on bitcoin mining in Texas.
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He sees blockchain technology as a tool to generate economic growth and job creation and hedge against inflation. Meanwhile, his opponent, Allred, represents Texas’ 32nd Congressional District and has a much more conservative approach to cryptocurrencies. While supporting the 21st Century Financial Innovation and Technology Act, he expressed concern about the potential role of cryptocurrencies in illicit finance. However, he is not completely anti-cryptocurrency, in contrast to Cruz, who enjoys strong support among digital asset advocates.
Bitcoin Freedom PAC adds financial support to Cruz
In a show of financial support, Bitcoin Freedom PAC, another pro-industry committee, donated $350,000 to Truth and Courage PAC, which directly supports Cruz’s reelection efforts. Prominent crypto figures such as Coinbase CEO Brian Armstrong and Gemini founders Cameron and Tyler Winklevoss have also individually donated up to $3,300 to Cruz’s campaign. Meanwhile, Ripple co-founder Chris Larsen, a supporter of Democratic candidate Kamala Harris, contributed to Allred’s campaign, highlighting the divided interests in the crypto community.
Cryptocurrency-affiliated PACs have also given significant amounts of money to other races across the country. For example, FairShake affiliates Defend American Jobs and Protect Progress have committed millions of dollars to support or oppose candidates across the country. In Texas, Democratic candidate Julie Johnson, who is running for Allred’s U.S. House seat, has received significant support from these PACs, while the Commonwealth United Fund is supporting Massachusetts Sen. Elizabeth Warren. He is supporting the campaign of Republican John Deaton.
On October 25, Vice President Kamala Harris and former President Donald Trump both held campaign events in the state, underscoring the importance of Texas in this election. Harris’ Houston rally was attended by major figures including Beyoncé and Willie Nelson. Meanwhile, Trump’s appearance on Joe Rogan’s podcast in Austin drew even more attention, highlighting the likely and important role Texas will play in this election.
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Cryptocurrency lobbying has shifted gears, moving beyond simple monetary donations to galvanize public support with campaigns like Coinbase’s Stand With Crypto. These initiatives, which include community events such as watch parties, aim to engage crypto enthusiasts in discussions about policy and politics. But mobilizing grassroots efforts is difficult. Many crypto supporters are drawn to decentralization precisely to escape the clutches of traditional politics, and remain ambivalent or completely reluctant to participate in political movements.
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Some lobbying approaches, particularly those by pro-cryptocurrency PACs, have been controversial. FairShake is a pro-cryptocurrency PAC that spent $10 million on attack ads targeting California Congresswoman Katie Porter despite her moderate stance on cryptocurrencies. Such moves have raised eyebrows among both politicians and the public, with some crypto insiders saying they are more focused on consolidating their influence than truly pushing for crypto-friendly legislation. Questions have arisen as to whether the government is putting
Significant obstacles remain to passing a comprehensive cryptocurrency bill in Congress. Although the FIT21 bill was successful in garnering bipartisan support in the House, it faces an even tougher path in the Senate. While key figures like Nancy Pelosi have expressed modest support, skepticism persists, especially among Senate Democrats like Sherrod Brown, who are wary of cryptocurrencies’ track record.
Even with record political donations, the effectiveness of the crypto lobby is still debatable. The SEC remains a major regulatory hurdle, and the lack of consensus among crypto stakeholders and their political allies has created a confusing lobbying landscape. While high-profile endorsements like President Trump’s could theoretically boost cryptocurrencies’ political credibility, large spending could lead to increased regulatory scrutiny and even legislative conflicts. There is a risk of slowing down the progress of cryptocurrencies.
As the 2024 US presidential election approaches, the crypto industry is not looking to any particular candidate to carry the torch. In fact, analysts are predicting a post-election boost to the crypto market, with hopes for increased liquidity and the return of institutional investors. Regardless of who wins, whether it’s Trump or Harris, the industry’s focus is firmly on long-term market trends, not temporary political gains.
