Scaramucci-Backed GMI PAC Will Support Crypto-Friendly Candidates This November

Key takeaways

  • A new crypto-political action committee called GMI PAC was announced today.
  • The super-PAC aims to fund $ 20 million in the midterm elections this November.
  • One of its key ambitions is to keep blockchain innovation in America.

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GMI PAC, a new crypto-focused political action committee (PAC), was announced in the United States today. The organization has prominent supporters, including SkyBridge Capital founder and President Trump’s former communications director Anthony Scaramucci, and is likely to invest millions of dollars in the midterm elections this year.

Crypto Super PAC

Crypto gets its own political action committee in the United States.

A new PAC called GMI PAC (“GMI” is abbreviated crypto slang for “gonna make it”) was announced today. The organization has several prominent supporters, most notably SkyBridge Capital founder and former White House communications director Anthony Scaramucci.

GMI PAC initially plans to invest more than $ 20 million in congressional candidates for the upcoming November midterm elections. The group has so far raised $ 5.3 million in contributions and seeks to fund candidates who will support blockchain innovators in the US

GMI PAC’s supporters so far include Scaramucci’s own SkyBridge Capital, venture capital firms Multicoin Capital and Blockchain Capital, Framework Ventures co-founder Vance Spencer, FTX Digital Markets CEO Ryan Salame, and CMS Holdings co-founder Dan Matuszewski.

Matuszewski noted that this political action committee was “long overdue” and called the GMI PAC “the crypto-community’s campaign arm”.

Last year, amid concerns over tax language in the $ 1.2 trillion infrastructure bill President Biden signed in November, spending on crypto-lobbying has increased dramatically in Q3. Some legislators made their own attempts to protect the industry.

However, lobbying efforts may need a further boost this year-It it may not be a coincidence that GMI PAC was announced today, given the amount of government regulation that may be on the horizon in the US

This week was worrying raised on an America COMPETES Act provision that could allow the Treasury full discretion to block crypto transactions. Yesterday, the SEC proposed a rule change that would expand the definition of “stock market,” a move that could have serious implications for decentralized financial exchanges. Also yyesterday, a source tell Barron’s that the White House will issue an executive order within weeks requiring various government bodies to draft cryptoregulation as a matter of national security.

Disclosure: At the time of writing, the author of this piece owned BTC, ETH and several other cryptocurrencies.

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