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.