(Politico) Top executives of various crypto firms and exchanges have formed a political action committee to garner support for candidates during the midterm elections in November.
The group, also known as GMI PAC, describes itself as a crypto community’s campaign arm and seeks to support candidates friendly to US innovators back home rather than overseas.
The executives, drawn from exchanges and firms such as FTX and SkyBridge Capital, seek to pool at least $20 million to support the candidates. The group has already attracted $5.3 million in contributions.
The group has described its activities as “long overdue” and one that is “here to stay.”
The formation of the lobby group comes when some US legislators voice support for cryptocurrencies and have opposed laws they believe will curtail the innovations in the sector.
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