Top cryptocurrency executives have created a political action committee to support candidates who favor the industry in the midterm elections.
PAC has so far managed to raise $5.3 million against a target of $20 million to fund politicians who support firms engaging in the next-generation technologies.
PAC brings together executives from companies led by FTX and SkyBridge Capital. SkyBridge Capital is a hedge fund led by Anthony Scaramucci, a former communication director in the Trump administration.
The pact seeks to counter the action of the political class that has been derailing the adoption of cryptocurrencies.
The co-founder of CMS Holdings and a member of GMI PAC, Dan Matuszewski, says that the lobby group is long overdue. GMI PAC is the campaign unit of the arm and is set to be around in the long term.