Wall Street is mimicking the strategy employed by cryptocurrencies in the political arena, with a banking consortium raising approximately $100 million.

According to Foresight News , citing Bloomberg, Wall Street is scrambling to emulate the strategies used by cryptocurrencies in the political arena. Late last year, the Financial Services Forum, an advocacy group representing eight major U.S. banks, formed three groups planning to spend tens of millions of dollars on the upcoming midterm and subsequent elections. This model is similar to that used in the cryptocurrency industry, where one entity funds two separate groups, representing opposite ends of the political spectrum. According to a source familiar with the matter, the American Growth Alliance, led by banks, has raised approximately $100 million in this funding round to date. These organizations have already invested millions of dollars, including in advertising campaigns that will begin later this year in six states.