Wall Street Fires Up Political Spending Machine for Midterms

Wall Street executives were repeatedly stunned by the cryptocurrency industry’s newfound political dominance in the wake of the 2024 elections.

Now, they’re ramping up their own spending with a strategy resembling the crypto sector’s tactics.

Late last year, the Financial Services Forum, an advocacy organization representing the eight biggest US banks, formed a trio of groups to spend tens of millions of dollars on the upcoming midterm elections and beyond.

The format mirrors the crypto industry’s approach with an entity that funds two separate groups, one on each side of the political aisle. Fairshake, a crypto organization, grew into the largest single-issue super ...