As a seasoned researcher with a keen interest in the intersection of technology and politics, I find myself intrigued by this latest development in the 2024 US Election. The involvement of crypto political action committees (PACs) in supporting Senator Ted Cruz’s reelection is a fascinating twist, especially given my personal journey from understanding the complexities of Bitcoin to witnessing its influence on the political landscape.
As the U.S. Election draws nearer, with only 11 days left, and Texas residents already casting their votes in early balloting, crypto-backed Political Action Committees (PACs) have disclosed their final spending in favor of Senator Ted Cruz’s reelection campaign (Republican party).
By October 24th, records submitted to the Federal Elections Commission (FEC) indicated that the Bitcoin Voter Political Action Committee had invested approximately $30,000 in online ads to promote Cruz’s candidacy for the 2024 elections.
The Political Action Committee (PAC), having received $65,000 from the Bitcoin Voter Project – an organization founded by mining executives aiming to instruct voters about Bitcoin (BTC) – has launched ad campaigns urging voters to back Republican presidential nominee Donald Trump and Pennsylvania Senate candidate Dave McCormick.
Spending efforts are being made as various surveys indicate Ted Cruz is neck-and-neck with Democratic Senate contender Colin Allred, within the poll’s error margin. Since voting commenced on October 21st, over 2.8 million registered Texas voters have already exercised their right to vote, equating to approximately 15.1% of the state electorate.
Neither candidate seems to be ‘anti-crypto’
Cruz, who has spoken at many crypto conferences in favor of loosening restrictions on BTC miners operating in Texas, claimed to support the industry “to generate new jobs, encourage entrepreneurship, hedge against inflation, and present new opportunities.”
As a researcher delving into the realm of digital assets and blockchain technology, it’s clear that while some supporters of Senator Cruz believe attorney Allred is not inherently against these technologies, they appear to be drawn towards Senator Cruz due to his vocal advocacy on related issues.
In his capacity as representative of Texas’ 32nd Congressional District, Allred supported the Financial Innovation and Technology for the 21st Century Act. However, he has also expressed concerns linking cryptocurrencies to the financing of terrorist organizations in public statements.
Jayson Browder, MARA’s senior vice president of government affairs and social responsibility, representing the Bitcoin Voter Project, stated to CryptoMoon that Ted Cruz has been a strong advocate for Bitcoin for quite some time, and it is crucial for him to maintain his position. He added:
“With Pennsylvania being the state that the entire nation is focused on, we know for a fact that we can turnout Bitcoin voters who will support our Bitcoin champions at the top of the ticket and in the US Senate race.”
The Bitcoin Voter PAC ad, released the day early voting began in Texas, wasn’t Cruz’s only support from the industry.
The Bitcoin Freedom Political Action Committee, which argues that Democratic victories in 2024 could hinder pro-Bitcoin laws and regulations, donated $350,000 to the Truth and Courage Political Action Committee, a group explicitly backing Senator Cruz’s reelection bid.
Leading figures in the cryptocurrency sector, such as Coinbase’s CEO Brian Armstrong, along with the co-founders of Gemini, Cameron and Tyler Winklevoss, have each donated the maximum permissible sum of $3,300 directly to Cruz’s election campaign.
Chris Larsen, one of the co-founders of Ripple and a significant donor of XRP ($11 million), also made a contribution of $3,300 to the campaign of Kamala Harris’ rival, Rachel Allred.
Organizations such as Fairshake and their partners, including Defend American Jobs and Protect Progress, are distributing large amounts of money for advertising campaigns that either support or criticize various candidates running in the 2024 electoral season, regardless of political party affiliation.
In a move intended to bolster her campaign, Democrat Julie Johnson – aiming to succeed Allred as Representative for Texas’ 32nd Congressional District – garnered approximately $1 million in backing via media investments from Protect Progress. Meanwhile, political action committees such as the Commonwealth United Fund have accepted donations from influential figures in industry, channeling their support towards Republican John Deaton’s mission to challenge Senator Elizabeth Warren for her seat in Massachusetts.
On October 25th, Texas took center stage for both Democratic and Republican presidential hopefuls. Vice President Harris and former President Trump were present at separate campaign events. Notably, Trump is expected to appear on comedian Joe Rogan’s podcast in Austin, while the Harris campaign has planned a rally in Houston featuring music icons Beyoncé and Willie Nelson.
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2024-10-25 23:51