Texas Senator Ted Cruz has disclosed purchasing up to $100,000 worth of Bitcoin in 2023, shortly after receiving the endorsement of a prominent blockchain advocacy group.
The purchase, which was revealed in an August 13 filing with the U.S. Senate, underscores Cruz’s increasing engagement with the cryptocurrency sector.
Cruz invested in River Financial, a financial services firm specializing in digital assets.
His disclosure highlights a significant addition to his holdings, with the senator reporting the acquisition of Bitcoin valued between $50,001 and $100,000.
This announcement came just a day after the Texas Blockchain Council, an influential group supporting the development of blockchain technology, endorsed Cruz for his 2024 reelection campaign, citing his favourable stance on cryptocurrencies.
This isn’t Cruz’s first foray into the crypto world. In 2022, he reported purchasing between $15,001 and $50,000 worth of Bitcoin.
Additionally, Cruz has previously indicated ownership of three Bitcoin mining rigs, although these were not included in his 2023 disclosure and are expected to be reported in a future filing.
Cruz’s actions align with a broader trend among U.S. lawmakers who are increasingly involved in the cryptocurrency space.
Other members of Congress, such as Senator Cynthia Lummis and various representatives, have also disclosed holdings in digital assets or related funds.
However, this growing involvement has sparked concerns over potential conflicts of interest, leading to calls for stricter regulations or even a ban on lawmakers trading assets that could be affected by legislation they enact.
Cruz, a Republican who has served in the Senate since 2013, has been vocal about the benefits of Bitcoin and the potential advantages of crypto mining for Texas’ energy sector.
His advocacy for blockchain technology has made him a key figure in the crypto community, particularly in Texas, where the industry is gaining momentum.
As the 2024 election season heats up, cryptocurrency is emerging as a significant issue on the political stage.
Notably, former President Donald Trump, who once dismissed Bitcoin as a “scam,” has made digital assets a central theme in his campaign.
Interest groups are also pouring funds into races to support pro-crypto candidates, reflecting the growing influence of the cryptocurrency sector in U.S. politics.
