A new political spending operation backed by major Wall Street banks has invested over $7.3 million to support industry-friendly candidates in 15 races across the country. Surprisingly, in nearly half of these contests, crypto super PACs are also spending to back the same candidates, despite the ongoing feud between the banking and crypto industries over financial policy.
The American Growth Alliance, a dark money nonprofit established by the Financial Services Forum, has been funding both Republican and Democratic candidates through its affiliates. The overlap in spending is particularly notable among lawmakers who are key players on financial services policy, such as Nebraska Sen. Pete Ricketts, Reps. Bill Huizenga (R-Mich.), and Janelle Bynum (D-Ore.).
Ricketts, the leading beneficiary of this overlap, has received over $1.4 million from the banking industry and more than $10.8 million from a crypto super PAC affiliated with Fairshake. This alignment comes despite the recent clash between the industries over crypto rewards programs, which banks argued inappropriately mimicked bank accounts.
Overall, crypto super PACs are outspending the banking groups significantly, with Fairshake-affiliated PACs having spent well over $100 million this cycle. The banking groups, structured as 501(c)(4) nonprofits, have also donated over $7.4 million to other outside groups, though their spending is less transparent due to limited disclosure requirements.