Coinbase Leads The Blockchain Industry's Unprecedented Donation Spree In 2024 Election

Cryptocurrency firms and their allies have emerged as the vanguard of political spending for the 2024 U.S. presidential election, spearheading a record-breaking $1.5 billion influx from top donors.

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

Leading the charge is Timothy Mellon, a reclusive railroad magnate and heir to the Mellon banking fortune, who has contributed an eye-watering $165 million.

The bulk of his donations, $125 million, went to Make America Great Again Inc., a super PAC supporting Donald Trump‘s presidential campaign.

Hot on Mellon’s heels is Coinbase Inc. (NASDAQ:COIN), the cryptocurrency exchange giant, which has invested $91.1 million in the political arena.

The company directed $86 million to Fairshake, a pro-crypto super PAC, clearly signaling the digital asset industry’s intent to shape its regulatory future.

Also Read: Bitcoin ETFs Surge Past $18B In Net Inflows, Ethereum ETFs Have Bled $478M: What Is Going On?

Kenneth Griffin, the billionaire hedge fund manager and CEO of Citadel, has poured $75.7 million into various Republican causes, including $15 million to the Congressional Leadership Fund supporting GOP House candidates.

The crypto industry’s political ambitions are further evidenced by other significant players.

Fintech firm Ripple Labs (CRYPTO: XRP) has invested $49 million in various political causes, while AH Capital Management, a venture capital firm with substantial crypto interests led by Marc Andreessen and Ben Horowitz, has contributed $48.5 million.

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

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

What’s Next: The upcoming Benzinga Future of Digital Assets event on Nov. 19 is set to become a critical forum for dissecting these trends, with industry leaders and policymakers expected to debate the long-term consequences of this newfound political clout.

Read Next:

• French President Macron Denies Political Motivation In Telegram Founder’s Arrest

Image: Shutterstock