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Crypto Industry Heavyweights Form Political Action Committee for US Midterms: Report
Backers of the PAC include top executives at FTX and SkyBridge Capital.
Updated May 11, 2023, 7:18 p.m. Published Jan 28, 2022, 3:15 p.m.
A group of executives from major firms in the crypto industry have formed a political action committee (PAC) to support candidates running in November's midterm elections.
- Backers of the PAC include top executives at crypto exchange FTX and SkyBridge Capital, the hedge fund led by Anthony Scaramucci, who was briefly a White House communications director under President Donald Trump.
- The "GMI PAC" has attracted $5.3 million in contributions so far, according to a report by Politico. It aims to raise more than $20 million to support "candidates who work to give U.S.-based innovators the opportunity to build next-generation technologies and services here in America rather than doing that valuable work overseas," according to its website.
- CMS Holdings co-founder Dan Mastuszewski, a member of the group's board, said that such a body is "long overdue."
- "GMI PAC is the crypto community’s campaign arm and we are here to stay," Mastuszewski said in a statement Friday.
- A number of U.S. politicians have been vocal in their advocacy of cryptocurrency and opposition to legislation which they believe unnecessarily stymies its growth and adoption.
Read more: Tucked Inside Biden Infrastructure Bill: Unconstitutional Crypto Surveillance
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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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