Crypto Groups Back Cruz in Texas Senate Race

Two political action committees linked to the cryptocurrency industry are stepping in to support Senator Ted Cruz, R-Texas, in his close reelection battle against Democratic U. S. Representative Colin Allred. Allred isn't known for being against crypto; he even voted for a key industry bill this year. However, the PACs have donated hundreds of thousands of dollars to Cruz's campaign. This is because Cruz has been a strong advocate for crypto, wanting Texas to be a "crypto oasis. " These donations aren't as large as what another industry group called Fairshake has given in other races. But they show that some in the crypto industry trust only Republicans to reduce regulations. One of the PACs, Bitcoin Freedom PAC, gave the most to Cruz's race. They believe that beating Democrats in the House and Senate this November will help protect Bitcoin from White House regulations. Another PAC, called Bitcoin Voter PAC, spent $5, 000 on pro-Cruz text messages and is running Facebook ads with a video of Cruz talking about Texas being a crypto "oasis. " This PAC is supported by a campaign worth $2 million from three Bitcoin mining companies. They are also backing former President Donald Trump and a Republican Senate candidate in Pennsylvania. Cruz is facing a tough race against Allred, a centrist Democrat. Cruz is slightly ahead in the polls but not by much. He has been supportive of the crypto industry, speaking at events and buying Bitcoin himself. Allred voted for a bill that would change how the crypto industry is overseen, but it wasn't enough for the most passionate crypto supporters. They prefer Cruz's strong backing of crypto.