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Crypto Industry Heavyweights Form Political Action Committee for US Midterms: Report

·1 min read

A group of executives from major firms in the crypto industry have formed a political action committee (PAC) to support candidates running in November's midterm elections.

  • Backers of the PAC include top executives at crypto exchange FTX and SkyBridge Capital, the hedge fund led by Anthony Scaramucci, who was briefly a White House communications director under President Donald Trump.

  • The "GMI PAC" has attracted $5.3 million in contributions so far, according to a report by Politico. It aims to raise more than $20 million to support "candidates who work to give U.S.-based innovators the opportunity to build next-generation technologies and services here in America rather than doing that valuable work overseas," according to its website.

  • CMS Holdings co-founder Dan Mastuszewski, a member of the group's board, said that such a body is "long overdue."

  • "GMI PAC is the crypto community’s campaign arm and we are here to stay," Mastuszewski said in a statement Friday.

  • A number of U.S. politicians have been vocal in their advocacy of cryptocurrency and opposition to legislation which they believe unnecessarily stymies its growth and adoption.

Read more: Tucked Inside Biden Infrastructure Bill: Unconstitutional Crypto Surveillance