Coinbase Leads Blockchain Industry’s Unprecedented Donation Wave in 2024 Election – Coinbase Glb (NASDAQ:COIN)

Cryptocurrency companies and their allies have become the vanguard of political spending in the 2024 U.S. presidential election, driving a record $1.5 billion in funding from major donors.

What happened:The shift in campaign finance signals a new era in which digital asset companies are aggressively competing for political influence that could reshape the regulatory landscape.

Leading the charge is Timothy Mellona reclusive railroad tycoon and heir to the Mellon banking fortune, who contributed $165 million.

The bulk of his donations, $125 million, went to Making America Great Again Inc.a super PAC supporting Donald TrumpThe presidential campaign of.

Just behind Mellon is Coinbase Inc. COINthe cryptocurrency exchange giant, which has invested $91.1 million in the political arena.

The company has spent $86 million on Fairshakea pro-crypto super PAC, clearly signaling the digital asset industry’s intent to shape its regulatory future.

Also read: Bitcoin ETFs Surpass $18 Billion in Net Inflows, Ethereum ETFs Lost $478 Million: What’s Going On?

Kenneth Griffinbillionaire hedge fund manager and CEO of Citadelhas given $75.7 million to various Republican causes, including $15 million to the Congressional Leadership Fund, which supports Republican candidates for the House of Representatives.

The crypto industry’s political ambitions are also demonstrated by other major players.

Fintech Company Ripple Labs XRP/USD invested $49 million in various political causes, while AH Capital Managementa venture capital firm with substantial interests in crypto led by Marc Andreessen And Ben Horowitzcontributed $48.5 million.

On the Democratic side, former New York mayor and media mogul Michael Bloomberg donated $41 million, primarily to support Kamala HarrisDonald Trump’s presidential campaign and Democratic congressional candidates.

The magnitude of these contributions suggests a calculated effort to influence the regulatory framework that will shape the future of digital assets in America.

And then?:Benzinga’s upcoming event on the future of digital assets, taking place on November 19, is set to become a key forum for unpacking these trends, with industry leaders and policymakers expected to debate the long-term implications of this new political influence.

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