Crypto spending on 2024 election hits $190 million, led by Winklevoss twins
Tyler Winklevoss and Cameron Winklevoss (L-R), creators of crypto exchange Gemini Trust Co., on stage at the Bitcoin 2021 Convention, a cryptocurrency conference held at the Mana Convention Center in Wynwood in Miami, Florida, on June 4, 2021.
Joe Raedle | Getty Images
Cameron and Tyler Winklevoss are the biggest individual crypto donors this election cycle, giving a combined $10.1 million, or slightly over $5 million each, according to Federal Election Commission data compiled by crypto market and blockchain analyst James Delmore and independently verified by CNBC.
With 50 days to go until the November general election, political donations from, or in support of, the crypto industry are up to around $190 million, as some of the biggest names in the sector open their digital wallets to help elect candidates sympathetic to their interests.
The Winklevoss twins gave around $1.7 million combined in bitcoin to the Trump 47 Committee, which raises money for Republican former President Donald Trump, over $700,000 combined 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.
Top executives from blockchain giant Ripple Labs have collectively given more than $3 million to candidate committees and super PACs so far this cycle, with co-founder Chris Larsen donating nearly $2.4 million of that, mostly to help Democratic candidates. Ripple CEO Brad Garlinghouse has donated more than $384,000 to multiple PACs and candidates, including to Rep. Ro Khanna (D-Calif.) and John Deaton, a Republican running against Democratic Sen. Elizabeth Warren in Massachusetts. The company’s chief legal officer, Stuart Alderoty, gave $300,000 to the Trump 47 Committee.
At a fundraiser for Trump in June, Alderoty explained how Ripple had spent over $100 million litigation to defend itself against civil charges brought by the SEC. The event was held at the San Francisco mansion of venture capitalist David Sacks.
The Winklevoss twins, Coinbase and Ripple didn’t immediately respond to requests for comment.
The month after the San Francisco fundraiser, Trump promised to fire SEC Chair Gary Gensler if he were elected, even though U.S. presidents do not have the authority to fire members of independent commissions without cause. While the incoming president could unseat Gensler from his position as chairman, he would remain on as a commissioner until the end of his term.
Under Gensler, the SEC has taken on major industry players, including centralized cryptocurrency exchanges Kraken and Coinbase.
Executives from the two companies have been spending big this cycle. Coinbase CEO Brian Armstrong has given over $1.3 million to a mix of PACs including Fairshake and JD Vance for Senate Inc., as well as directly to Democrats and Republicans running for both House and the Senate seats. Chief Legal Officer Paul Grewal has attended at least two Trump fundraisers, including one in Nashville on the sidelines of the biggest bitcoin event of the year.
Kraken co-founder and Chairman Jesse Powell has donated just over $1 million to the Trump campaign.
Individual crypto contributors include ex-Bitfinex strategy chief Phil Potter (over $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), Paxos CEO and co-founder Charles Cascarilla ($198,500), BitGo CEO Mike Belshe ($119,825), Solana co-founder Anatoly Yakavenko ($67,100), and Gibraltar-based Xapo Bank founder Wences Casares ($374,899).
According to Delmore’s report, no known donations have been made in cryptocurrency to the Future Forward PAC, which is raising funds for Vice President Kamala Harris, the Democratic nominee for president. Future Forward began accepting crypto donations this month through a partnership with Coinbase Commerce. It appears the donation page on the website still doesn’t offer a crypto option.
CNBC reached out to two representatives from Future Forward listed on the PAC’s FEC filing to ask about the tally of crypto donations thus far and when it plans to add a crypto payment option on its website. They didn’t immediately respond.
Harris’ fundraising operation has taken off since President Biden dropped out of the race, with her campaign raising $47 million in the first 24 hours after her first, and perhaps only, debate against Trump on Tuesday.
Huge jump from 2020
Delmore, who has been assembling reports on crypto donations in the 2024 election for blockchain analytics platform Breadcrumbs, told CNBC that industry spending is nearly double where it was in the mid-terms — more than $190 million in the 2024 election versus $98 million in the 2022 election. It’s nearly 13 times spending in 2020 of $15 million — a figure based on a mix of data from FEC and OpenSecrets filings.
Unlike the past two election cycles, which featured spending from the now-bankrupt crypto exchange FTX and founder Sam Bankman-Fried, this year’s contributor list is more robust and diverse. Bankman-Fried was sentenced to 25 years in prison in March for stealing $8 billion worth of customer money through FTX.
“Most of the crypto donations in 2022 were from FTX and SBF and almost all of them went to Democrats or PACs that support Democrats,” Delmore said.
Delmore said that spending is more balanced between the two parties, but “more has definitely gone to Republican candidates and PACs that supported Republicans and opposed Democrats.”
A Public Citizen report last month found that nearly half of all the corporate money flowing into this year’s election has come from the crypto industry, with Coinbase and Ripple leading the pack.
There is a lot of overlap between crypto’s biggest corporate and individual spenders.
The majority of funds for Fairshake, one of the top-spending PACs this year, can be traced to four sources: Coinbase, Ripple, Jump Crypto and venture firm Andreessen Horowitz.
Widening the category to all of crypto, Delmore’s research finds that billions of dollars are at play, including more than $20 million in sales generated by non-fungible tokens (NFT) released by Trump, according to Bloomberg reporting, Trump-branded meme tokens, the $190 million in political donations from or in support of crypto, and another $1.1 billion on betting on the platform Polymarket.
So far, $922 million in bets have been placed on who will be the winner of the election, and another $206 million on who will win the popular vote.
Electing pro-crypto candidates ultimately comes down to turning out the vote.
The Stand With Crypto Alliance, launched by Coinbase last year, is in the midst of a cross-country bus tour through battleground states to get people registered to vote. The campaign culminates in an event on DC on Wednesday that will include speeches by members of Coinbase’s C-suite, as well as a live performance by music duo The Chainsmokers.
Forget fumbling with cables or hunting for batteries – TILER is making electric bike charging as seamless as parking your ride. The Dutch startup recently introduced its much-anticipated TILER Compact system, a plug-and-play wireless charger engineered to transform the user experience for e-bike riders.
At the heart of the new system is a clever combo: a charging kickstand that mounts directly to almost any e‑bike, and a thin charging mat that you simply park over. Once you drop the kickstand and it lands on the mat, the bike begins charging automatically via inductive transfer – no cable required. According to TILER, a 500 Wh battery will fully charge in about 3.5 hours, delivering comparable performance to traditional wired chargers.
It’s an elegantly simple concept (albeit a bit chunky) with a convenient upside: less clutter, fewer broken cables, and no more need to bend over while feeling around for a dark little hole.
TILER claims its system works with about 75% of existing e‑bike platforms, including those from Bosch, Yamaha, Bafang, and other big bames. The kit uses a modest 150 W wireless power output, which means charging speeds remain practical while keeping the system lightweight (the tile weighs just 2 kg, and it’s also stationary).
TILER has already deployed over 200 charging points across Western Europe, primarily serving bike-share, delivery, hospitality, and hotel fleets. A recent case study in Munich showed how a cargo-bike operator saved approximately €1,250 per month in labor costs, avoided thousands in spare batteries, and cut battery damage by 20%. The takeaway? Less maintenance, more uptime.
Now shifting to prosumer markets, TILER says the Compact system will hit pre-orders soon, with a €250 price tag (roughly US $290) for the kickstand plus tile bundle. To get in line, a €29 refundable deposit is currently required, though they say it is refundable at any point until you receive your charger. Don’t get too excited just yet though, there’s a bit of a wait. Deliveries are expected in summer 2026, and for now are covering mostly European markets.
The concept isn’t entirely new. We’ve seen the idea pop up before, including in a patent from BMW for charging electric motorcycles. And the efficacy is there. Skeptics may wonder if wireless charging is slower or less efficient, but TILER says no. Its system retains over 85% efficiency, nearly matching wired charging speeds, and even pauses at 80% to protect battery health, then resumes as needed. The tile is even IP67-rated, safe for outdoor use, and about as bulky as a thick magazine.
Electrek’s Take
I love the concept. It makes perfect sense for shared e-bikes, especially since they’re often returning to a dock anyway. As long as people can be trained to park with the kickstand on the tile, it seems like a no-brainer.
And to be honest, I even like the idea for consumers. I know it sounds like a first-world problem, but bending over to plug something in at floor height is pretty annoying, not to mention a great way to throw out your back if you’re not exactly a spring chicken anymore. Having your e-bike start charging simply by parking it in the right place is a really cool feature! I don’t know if it’s $300 cool, but it’s pretty cool!
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Tesla has launched a new software update for its vehicles that includes the anticipated integration of Grok, but it doesnt even interface with the car yet.
Earlier this week, CEO Elon Musk said that Tesla would integrate Grok, the large language model developed by his private company, xAI, into its vehicles.
Today, Tesla started pushing the update to the fleet, but there’s a significant caveat.
The automaker wrote in the release notes (2025.26):
Grok (Beta) (US, AMD)
Grok now available directly in your Tesla
Requires Premium Connectivity or a WiFi connection
Grok is currently in Beta & does not issue commands to your car – existing voice commands remain unchanged.
First off, it is only available in vehicles in the US equipped with the AMD infotainment computer, which means cars produced since mid-2021.
But more importantly, Tesla says that it doesn’t send commands to the car under the current version. Therefore, it is simply like having Grok on your phone, but on the onboard computer instead.
Tesla showed an example:
There are a few other features in the 2025.26 software update, but they are not major.
For Tesla vehicles equipped with ambient lighting strips inside the car, the light strip can now sync to music:
Accent lights now respond to music & you can also choose to match the lights to the album’s color for a more immersive effect
Toybox > Light Sync
Here’s the new setting:
The audio setting can now be saved under multiple presets to match listening preferences for different people or circumstances:
The software update also includes the capacity to zoom or adjust the playback speed of the Dashcam Viewer.
Cybertruck also gets the updated Dashcam Viewer app with a grid view for easier access and review of recordings:
Tesla also updated the charging info in its navigation system to be able to search which locations require valet service or pay-to-park access.
Upon arrival, drivers will receive a notification with access codes, parking restrictions, level or floor information, and restroom availability:
Finally, there’s a new onboarding guide directly on the center display to help people who are experiencing a Tesla vehicle for the first time.
Electrek’s Take
Tesla is really playing catch-up here. Right now, this update is essentially nothing. If you already have Grok, it’s no more different than having it on your phone or through the vehicle’s browser, since it has no capacity to interact with any function inside the vehicle.
Most other automakers are integrating LLMs inside vehicles with the capacity to interact with the vehicle. In China, this is becoming standard even in entry-level cars.
In the Xiaomi YU7, the vehicle’s AI can not only interact with the car, but it also sees what the car sees through its camera, and it can tell you about what it sees:
Tesla is clearly far behind on that front as many automakers are integrating with other LLMs like ChatGPT and in-house LLMs, like Xiaomi’s.
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Robinhood stock hit an all-time high Friday as the financial services platform continued to rip higher this year, along with bitcoin and other crypto stocks.
Robinhood, up more than 160% in 2025, hit an intraday high above $101 before pulling back and closing slightly lower.
The reversal came after a Bloomberg report that JPMorgan plans to start charging fintechs for access to customer bank data, a move that could raise costs across the industry.
For fintech firms that rely on thin margins to offer free or low-cost services to customers, even slight disruptions to their cost structure can have major ripple effects. PayPal and Affirm both ended the day nearly 6% lower following the report.
Despite its stellar year, the online broker is facing several headwinds, with a regulatory probe in Florida, pushback over new staking fees and growing friction with one of the world’s most high-profile artificial intelligence companies.
Florida Attorney General James Uthmeier opened a formal investigation into Robinhood Crypto on Thursday, alleging the platform misled users by claiming to offer the lowest-cost crypto trading.
“Robinhood has long claimed to be the best bargain, but we believe those representations were deceptive,” Uthmeier said in a statement.
The probe centers on Robinhood’s use of payment for order flow — a common practice where market makers pay to execute trades — which the AG said can result in worse pricing for customers.
Robinhood Crypto General Counsel Lucas Moskowitz told CNBC its disclosures are “best-in-class” and that it delivers the lowest average cost.
“We disclose pricing information to customers during the lifecycle of a trade that clearly outlines the spread or the fees associated with the transaction, and the revenue Robinhood receives,” added Moskowitz.
Robinhood is also facing opposition to a new 25% cut of staking rewards for U.S. users, set to begin October 1. In Europe, the platform will take a smaller 15% cut.
Staking allows crypto holders to earn yield by locking up their tokens to help secure blockchain networks like ethereum, but platforms often take a percentage of those rewards as commission.
Robinhood’s 25% cut puts it in line with Coinbase, which charges between 25.25% and 35% depending on the token. The cut is notably higher than Gemini’s flat 15% fee.
It marks a shift for the company, which had previously steered clear of staking amid regulatory uncertainty.
Under President Joe Biden‘s administration, the Securities and Exchange Commission cracked down on U.S. platforms offering staking services, arguing they constituted unregistered securities.
With President Donald Trump in the White House, the agency has reversed course on several crypto enforcement actions, dropping cases against major players like Coinbase and Binance and signaling a more permissive stance.
Even as enforcement actions ease, Robinhood is under fresh scrutiny for its tokenized stock push, which is a growing part of its international strategy.
The company now offers blockchain-based assets in Europe that give users synthetic exposure to private firms like OpenAI and SpaceX through special purpose vehicles, or SPVs.
An SPV is a separate entity that acquires shares in a company. Users then buy tokens of the SPV and don’t have shareholder privileges or voting rights directly in the company.
OpenAI has publicly objected, warning the tokens do not represent real equity and were issued without its approval. In an interview with CNBC International, CEO Vlad Tenev acknowledged the tokens aren’t technically equity shares, but said that misses the broader point.
“What’s important is that retail customers have an opportunity to get exposure to this asset,” he said, pointing to the disruptive nature of AI and the historically limited access to pre-IPO companies.
“It is true that these are not technically equity,” Tenev added, noting that institutional investors often gain similar exposure through structured financial instruments.
The Bank of Lithuania — Robinhood’s lead regulator in the EU — told CNBC on Monday that it is “awaiting clarifications” following OpenAI’s statement.
“Only after receiving and evaluating this information will we be able to assess the legality and compliance of these specific instruments,” a spokesperson said, adding that information for investors must be “clear, fair, and non-misleading.”
Tenev responded that Robinhood is “happy to continue to answer questions from our regulators,” and said the company built its tokenized stock program to withstand scrutiny.
“Since this is a new thing, regulators are going to want to look at it,” he said. “And we expect to be scrutinized as a large, innovative player in this space.”
SEC Chair Paul Atkins recently called the model “an innovation” on CNBC’s Squawk Box, offering some validation as Robinhood leans further into its synthetic equity strategy — even as legal clarity remains in flux across jurisdictions.
Despite the regulatory noise, many investors remain focused on Robinhood’s upside, and particularly the political tailwinds.
The company is positioning itself as a key beneficiary of Trump’s newly signed megabill, which includes $1,000 government-seeded investment accounts for newborns. Robinhood said it’s already prototyping an app for the ‘Trump Accounts‘ initiative.
WATCH: Watch CNBC’s full interview with Robinhood CEO Vlad Tenev
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