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

Backers of the PAC include top executives at FTX and SkyBridge Capital.

AccessTimeIconJan 28, 2022 at 3:15 p.m. UTC
Updated Jan 28, 2022 at 3:58 p.m. UTC

Jamie Crawley is a CoinDesk news reporter based in London.

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 about

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Jamie Crawley is a CoinDesk news reporter based in London.

CoinDesk - Unknown

Jamie Crawley is a CoinDesk news reporter based in London.