Cryptocurrency Industry PACs Support Ted Cruz in Reelection Fight
As Sen. Ted Cruz faces a tough reelection battle against Democratic Rep. Colin Allred, two political action committees with ties to the cryptocurrency industry have stepped in to support Cruz. Despite Allred’s support for the industry, the PACs are backing Cruz, who has expressed his desire for Texas to become a hub for bitcoin and crypto.
Bitcoin Freedom PAC, affiliated with Club for Growth, made a significant contribution of $350,000 to a pro-Cruz PAC, while Crypto Freedom PAC also chipped in $215,000. This move highlights the industry’s preference for Republicans to advocate for reduced regulation.
Despite Allred’s positive stance on the industry, the crypto backers believe that defeating Democrats is crucial to protecting bitcoin from regulation. This financial support for Cruz comes amidst concerns within the GOP about Allred gaining ground in the race, as per recent polling data.
While Democrats have shown support for the crypto industry, the backing of Cruz by these PACs underscores the preference for Republican leadership to safeguard the future of digital assets.