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Crypto super PAC plans to spend $20 million

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Crypto super PAC plans to spend $20 million

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“This is long overdue,” CMS Holdings co-founder Dan Matuszewski, a member of the group’s board of directors, said Friday. “GMI PAC is the campaigning arm of the crypto community and we are here to stay.”

GMI’s launch comes as well-heeled crypto startups and major venture capital firms step up lobbying to influence laws and regulations impacting the $1.6 trillion market, which has seen an explosion in trading last year before experiencing a significant decline in recent weeks. Industry associations mount aggressive campaigns to fight policies that would suppress trade. A growing number of politicians on both sides of the aisle have started courting the industry and crypto enthusiasts for support.

GMI said its founding donors and board of directors include Matuszewski, FTX Digital Markets CEO Ryan Salame (the head of FTX’s Bahamian subsidiary) and Framework Ventures co-founder Vance Spencer. Other backers include investment firms Multicoin Capital and Blockchain Capital.

More crypto-focused political committees are likely in sight.

Senior executives at FTX – one of the biggest digital currency trading platforms – are the main backers of the new super PAC Protect Our Future which is expected to invest in the Democratic races this year. Its initial donors include FTX founder and CEO Sam Bankman-Fried, as well as Nishad Singh, the company’s chief engineering officer. He plans to spend $10 million upfront.

Crypto super PAC plans to spend $20 million

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