US banks mimic crypto's political donation strategy

Major U.S. banks are adopting the crypto industry's political playbook by organizing lobbying groups with around $100 million to increase their influence in the upcoming midterm elections, Bloomberg reported. The move comes as banks believe the crypto sector's donation strategy during the 2024 election cycle was instrumental in shaping the current favorable regulatory landscape for digital assets. The banking sector established three donation groups late last year, securing the funds for the upcoming elections. Bloomberg added that the rivalry over political contributions between the two sectors is expected to intensify amid ongoing conflicts, such as those surrounding the Clarity Act.