Crypto leaders launch political action committee to back congressional candidates

A cadre of crypto industry leaders announced Friday the formation of a new political action committee (PAC), the latest sign that crypto riches made in recent years are bleeding into the American political system and executives want to influence election outcomes.

Dubbed GMI PAC, the new committee will back congressional candidates in the 2022 midterm elections "who work to give consumers and innovators the opportunity to build and use next-generation technologies services here in America."

The PAC's founding donors and board of directors include CMS Holdings co-founder Dan Matuszewski, Framework Ventures co-founder Vance Spencer, and FTX Digital Markets CEO Ryan Salame.

Multicoin Capital, Messari, and Blockchain Capital are also backing the PAC. Anthony Scaramucci's Skybridge Capital is another backer. 

The PAC plans to spend more than $20 million in the 2022 cycle and is currently evaluating candidates in Texas ahead of the March 1st primary.

THE SCOOP

Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

"This is long overdue," said Matuszewski.

The crypto market has seen its participants increasingly flex their muscles in the face of mounting skepticism among the upper echelons of the Washington political class.

As recently