Crypto Industry Spends $190M on 2024 Elections, Winklevoss Twins Lead the Charge

Today, September 20, 2024, several significant events are shaping global and national headlines. In the U.S., the Department of Energy announced a $3 billion initiative to bolster domestic battery manufacturing, part of the Biden administration’s push to revitalize American manufacturing and support clean energy efforts. This funding will support projects across 14 states and is aimed at strengthening the production and recycling of advanced batteries, essential for electric vehicles and renewable energy storage.

Meanwhile, international tensions remain high in the Middle East, particularly concerning ongoing conflicts in Lebanon. These developments are commanding attention as the region continues to experience political and military unrest.

On the corporate front, analysts are keeping a close eye on Apple's newest product releases, including the iPhone 16, Apple Watch Series 10, and AirPods 4. While demand for these devices has been lower than anticipated, supply chain improvements have alleviated some of the extended wait times seen in previous years.

In today’s email:

• Crypto Spending In The 2024 Election: The Winklevoss Twins

• Looming Strike: New York/New Jersey, The Largest Port

• iPhone 16: World Wide Launch

Crypto Spending in 2024 Election Hits $190 Million, Led by Winklevoss Twins 👯

Cameron and Tyler Winklevoss have emerged as the top individual crypto donors in the 2024 election cycle, contributing a combined $10.1 million—just over $5 million each. This data comes from the Federal Election Commission, compiled by blockchain analyst James Delmore and verified by CNBC.

With 50 days until the November general election, political donations linked to the crypto industry have surged to approximately $190 million. Many leading figures in the sector are using their digital wallets to support candidates aligned with their interests.

The Winklevoss twins have donated around $1.7 million in Bitcoin to the Trump 47 Committee, which raises funds for former President Donald Trump, over $700,000 to the pro-Trump Make America Great Again PAC, $250,000 each to the pro-Trump America PAC, and $4.9 million to the bipartisan pro-crypto Fairshake PAC.

Executives from Ripple Labs have also contributed more than $3 million this cycle, with co-founder Chris Larsen donating nearly $2.4 million, primarily to Democratic candidates. Ripple CEO Brad Garlinghouse has given over $384,000 to various PACs and candidates, including Rep. Ro Khanna (D-Calif.) and John Deaton, a Republican challenger to Sen. Elizabeth Warren in Massachusetts. Ripple’s chief legal officer, Stuart Alderoty, contributed $300,000 to the Trump 47 Committee.

At a June fundraiser for Trump, Alderoty highlighted Ripple's legal battle with the SEC, noting the company had spent over $100 million defending itself in litigation. The event was hosted at the San Francisco home of venture capitalist David Sacks.

Neither the Winklevoss twins nor Coinbase responded to requests for comment. Ripple referred to previous statements by its executives, including Garlinghouse’s June post on X, where he claimed that being pro-crypto would gain votes, while being anti-crypto would cost them.

In July, Trump vowed to fire SEC Chair Gary Gensler if re-elected, although U.S. presidents cannot directly remove members of independent commissions without cause. While Trump could replace Gensler as chair, he would remain a commissioner until his term concludes.

Under Gensler’s leadership, the SEC has targeted major industry players like Kraken and Coinbase. Coinbase CEO Brian Armstrong has contributed over $1.3 million to various PACs, including Fairshake and JD Vance for Senate Inc., and has made donations to both Democratic and Republican candidates. Chief Legal Officer Paul Grewal has attended two Trump fundraisers, including one at the year’s largest Bitcoin event in Nashville.

Kraken’s co-founder, Jesse Powell, has donated over $1 million to Trump's campaign.

Other significant crypto contributors include former Bitfinex strategy chief Phil Potter ($1.6 million), Multicoin Capital’s Kyle Samani ($878,600), Paradigm co-founder Fred Ehrsam ($735,400), Union Square Ventures partner Fred Wilson ($1.4 million), and Paxos CEO Charles Cascarilla ($198,500), among others.

Delmore's report indicates that no known crypto donations have been made to the Future Forward PAC, which supports Vice President Kamala Harris, the Democratic nominee for president. While Future Forward began accepting crypto donations this month through a partnership with Coinbase Commerce, their website currently lacks a crypto payment option.

Harris' campaign fundraising has skyrocketed since President Biden dropped out, with her campaign raising $47 million within the first 24 hours after her debate against Trump.

Crypto Donations Surge in 2024

According to Delmore, industry spending in the 2024 election is nearly double that of the 2022 midterms, with $190 million in donations compared to $98 million. This represents a 13-fold increase from the $15 million spent in the 2020 election, based on FEC and OpenSecrets data.

Unlike past cycles dominated by now-bankrupt FTX and founder Sam Bankman-Fried, who contributed heavily to Democratic campaigns, this year’s donations are more diversified. Bankman-Fried, who was sentenced to 25 years in prison for embezzling $8 billion from FTX customers, is no longer a player in this cycle.

Delmore notes that while spending is more balanced between parties this year, a larger share has gone to Republican candidates and PACs opposing Democrats. Public Citizen’s report reveals that nearly half of corporate donations in this election come from the crypto industry, led by Coinbase and Ripple.

Crypto and Betting

Delmore’s research highlights that billions of dollars are in play, including over $20 million from NFT sales tied to Trump, Trump-branded meme tokens, the $190 million in political donations, and another $1.1 billion wagered on Polymarket, a crypto-based betting platform.

So far, $922 million in bets have been placed on the outcome of the election, with an additional $206 million on who will win the popular vote.

Electing pro-crypto candidates hinges on voter turnout. The Stand With Crypto Alliance, launched by Coinbase, is currently on a nationwide bus tour to register voters in battleground states. The campaign will culminate in a Washington, D.C. event featuring speeches from Coinbase executives and a live performance by The Chainsmokers.

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New York/New Jersey Port Prepares for Potential First Strike Since 1977 🚢

Executives at the Port of New York/New Jersey, the largest port on the U.S. East Coast, are preparing for a potential full work stoppage by the International Longshoremen’s Association (ILA), the biggest North American maritime union. A strike would impact 36 ports along the East and Gulf Coasts, including five of North America’s 10 busiest ports. About 43-49% of U.S. imports and billions in trade are at risk as the union faces an October 1 deadline for a new contract. Cruise operations would remain unaffected.

The Biden administration has confirmed it will not invoke the Taft-Hartley Act to force union members back to work. ILA President Harold Daggett warned that workers would deliberately slow down if ordered to return.

Other ports, like Houston and Savannah, have posted contingency plans and extended hours to manage cargo ahead of the potential strike. Meanwhile, logistics companies are diverting shipments to the West Coast in anticipation of the disruption.

An analysis estimates the economic impact of a 30-day strike at New York/New Jersey could reach $641 million per day. Similar figures are expected for Virginia and Houston, where trade disruptions could cause losses up to $51 million daily.

Apple iPhone 16, Apple Watch Series 10, and AirPods 4 Launch Worldwide 📱

Apple welcomed customers worldwide on Friday for the debut of the iPhone 16, Apple Watch Series 10, and AirPods 4. These products were first announced earlier this month and have been available for pre-order since September 13. The Fifth Avenue Apple Store in New York City highlighted the launch by lighting up its iconic glass cube, nodding to the new Siri feature, which will illuminate the iPhone’s screen borders when it rolls out in October.

The iPhone 16 introduces Apple’s latest foray into artificial intelligence, with new Apple Intelligence features launching in October. These include the ability to rewrite text, remove objects from photos, and interact with an improved Siri, available exclusively on the iPhone 16 and last year’s iPhone 15 Pro.

Despite the excitement, reports suggest demand for the latest iPhones may be lower than anticipated. Analyst Ming-Chi Kuo noted first-weekend sales are down approximately 12% compared to last year’s iPhone 15 launch. Other reports from Barclays, JPMorgan, and Bank of America also indicated shorter shipping times, which could signal reduced demand for the higher-end iPhone Pro models.

However, UBS analysts cautioned against overreacting to the early sales data, citing last year’s supply chain disruptions that extended wait times for certain models. They noted that this year’s 26-day wait for the iPhone 16 Pro Max is significantly shorter than last year’s 41-day wait for the iPhone 15 Pro Max.

The Apple Watch Series 10 introduces a larger display and, along with the Series 9, includes new features like Sleep Apnea detection. AirPods 4 also launched with a smaller charging case and an option for noise cancellation.

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