Crypto Industry Heavyweights Form Political Action Committee for U.S. Midterms: Report

Crypto Industry Heavyweights Form Political Action Committee for U.S. Midterms: Report
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Crypto Industry Heavyweights Form Political Action Committee for U.S. Midterms: Report

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

  • Backers of the PAC include top executives at crypto exchange FTX and SkyBridge Capital, the money management firm 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 US-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,” he 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

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