Texas Senator discloses up to $100K BTC after blockchain endorsement

After visiting a Bitcoin mining facility and receiving the endorsement of a blockchain advocacy group, Senator Ted Cruz reported purchasing up to $100,000 worth of BTC in 2023.

Ted Cruz, the junior United States senator representing Texas, disclosed he purchased up to $100,000 worth of Bitcoin through financial services firm River Financial.

In an Aug. 13 disclosure filing with the US Senate, Cruz revealed he bought between $50,001 and $100,000 worth of Bitcoin (BTC) as part of his personal holdings in 2023. The filing came just one day after the advocacy group Texas Blockchain Council endorsed the senator for his 2024 reelection campaign, highlighting his views on crypto.

The Texas senator also reported he purchased Bitcoin in 2022, declaring between $15,001 and $50,000 worth of the cryptocurrency. His 2023 disclosure form did not include three BTC miners he claimed to have purchased in May, which will likely be officially reported sometime in 2025.

Many in the US Congress, including Senator Cynthia Lummis and House of Representatives members, have reported holding crypto or stakes in funds with exposure to digital assets, like Grayscale. The potential conflicts of interest — enacting legislation that could affect the industry while holding related assets — prompted some US lawmakers to call for a total ban on members of Congress from trading stocks.

Related: Tuttle Capital’s latest ETF aims to copy Congress’ stock picks

Cruz, a Republican, has served in the US Senate since 2013 and has spoken at crypto conferences about Bitcoin and the potential benefits crypto mining facilities could have on Texas’ energy grid. In November, he will run against Democrat Colin Allred, Libertarian Ted Brown and write-in candidate Tracy Andrus.

Nationwide issue

The Texas and US election seasons come as many candidates spotlight crypto and digital assets for the first time as a political issue. Republican presidential nominee Donald Trump, who polls show is in a virtual dead heat with Vice President Kamala Harris, has moved from calling Bitcoin a “scam” in 2021 to making crypto a significant issue in his campaign.

Interest groups have already poured money into congressional races in a seeming attempt to have “pro-crypto” candidates succeed. The Protect Progress political action committee spent roughly $1 million to support Julie Johnson’s bid to represent Texas’ 32nd Congressional District in the House ahead of the state’s March Democratic primary.

The majority of US state primaries are nearing their end, with early voting for the 2024 election starting in Pennsylvania in September.