Brazil's Top Electoral Court Freezes Funds of Pro-Bitcoin Presidential Candidate Renan Santos

Brazil's top electoral court has suspended the digital campaign of presidential candidate Renan Santos and frozen R$3.3 million in public funds, a significant blow to his chances in the October election.

The Tribunal Superior Eleitoral (TSE) ruled that Santos' running mate Aroldo Medina cannot participate in debates, and 16 social media profiles declared after the campaign's registration must be removed from recommendation algorithms or pay R$10,000 per hour. The TSE also barred new disbursements from Brazil's public election-financing pool.

Santos had made headlines for his pledge to establish a national Bitcoin reserve, a move seen as part of a broader trend in Latin America towards embracing cryptocurrencies. However, the court deemed his campaign's late declaration of social media profiles and failure to disclose them as a violation.