US Banks Borrow Crypto Industry’s Political Giving Playbook for $100 Million Midterm Push
Summary
- Major US banks are building a lobbying network worth about $100 million using the crypto industry’s political fundraising strategy as a model.
- The US banking industry has established three political fundraising groups and is seeking to counter a pro-crypto regulatory environment by expanding its influence ahead of the midterm elections.
- Recent congressional debates over crypto regulation, including the CLARITY Act, have deepened clashes between banks and the crypto industry, with the fight increasingly spilling into a political lobbying battle.
Forecast Trend Report by Period
Major US banks are building a large lobbying network modeled on the cryptocurrency industry’s political fundraising strategy, Bloomberg reported. The move is drawing attention as the political and regulatory rivalry between the banking sector and the crypto industry intensifies.
Bloomberg reported on May 28 that the US banking industry is assembling a political donation network worth about $100 million to expand its influence ahead of the midterm elections.
The industry concluded that the crypto sector’s political fundraising strategy during the 2024 US presidential election helped foster a pro-crypto regulatory environment, according to the report.
Major US banks set up three political fundraising groups late last year and have secured about $100 million for the midterm elections, Bloomberg said.
Banks and the crypto industry have recently clashed in Congress over digital-asset legislation, including the CLARITY Act. The fight over regulatory authority, stablecoins and payment infrastructure is increasingly spilling into a lobbying battle in Washington.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
