Wall Street Banks, Crypto PACs Back Same Candidates in 15 Races as $100 Million Gap Persists
Updated
Updated · POLITICO · Oct 22
Wall Street Banks, Crypto PACs Back Same Candidates in 15 Races as $100 Million Gap Persists
2 articles · Updated · POLITICO · Oct 22
Summary
$7.3 million from a bank-backed political operation has gone into 15 congressional races, with crypto super PACs supporting the same candidate in nearly half of them.
Seven overlapping beneficiaries all sit on the House Financial Services or Senate Banking committees, showing both industries are targeting the lawmakers who shape banking and crypto rules despite policy fights in Washington.
Pete Ricketts is the biggest shared beneficiary: banks have spent more than $1.4 million for the Nebraska senator, while a Fairshake-affiliated crypto PAC has spent more than $10.8 million.
Huizenga and Bynum are each set to get more than $1 million from both industries, and the overlap also extends to Bryan Steil, Mike Haridopolos, Lisa McClain and French Hill.
Crypto groups still dominate overall spending, topping $100 million this cycle versus $7.3 million from the bank-backed effort, including a $55 million push against Sherrod Brown and another $9 million added in Ohio on Wednesday.