Chris Larsen, an early donor for Mayor London Breed, has made significant contributions to San Francisco races this year. His co-founding of the cryptocurrency company Ripple Labs has led him to donate more than $1 million, largely into a PAC supporting the mayor created by the Abundance Network. This YIMBY political organizing group started in San Francisco in 2022 and has since expanded to Oakland, Santa Monica, with plans to grow into New York City.

Breed's Election and Larsen's Investments

Breed lost her bid for a second term to philanthropist Daniel Lurie. However, Larsen's investments paid off in the local supervisor race for District 5. He donated $50,000 to a PAC started by GrowSF, another moderate political organizing group working to unseat the board's sole Democratic Socialist, Dean Preston. Preston pointed out that there was a huge amount of spending by tech millionaires and billionaires against progressive candidates in District 5. It was more of a negative attack and disinformation campaign rather than propping up a different candidate.In Oakland, Coinbase's Jesse Pollak helped the Abundance Network raise nearly $500,000 to back a moderate slate of candidates for city council. In California, a Super PAC backed by crypto industry leaders spent nearly $10 million on ads against Katie Porter's run for Senate. She lost to fellow Democrat Adam Schiff in the March primary. Nationally, Silicon Valley poured more than $394.1 million into the presidential election this year. While Elon Musk supported Donald Trump, Larsen donated about $13 million to Vice President Kamala Harris' campaign.Jeremy Mack, Executive Director of the Phoenix Project, pointed out that Ripple and Coinbase are spending on the local level and people connected to them are pushing big money behind local politics. These two companies also became the biggest backers of nationwide cryptocurrency PACs that spent huge on elections across the country, mostly to unseat progressives and get the Republicans elected.The Abundance Network and GrowSF are among the political organizing groups that have emerged in San Francisco since the pandemic, tapping into residents' frustration over the city's struggles with homelessness, a drug overdose crisis, and crime. Others include TogetherSF backed by tech billionaire Michael Moritz and Stop Crime SF.Throughout the 2024 election cycle, tech leaders like Garry Tan, CEO of Y-Combinator and a board member of GrowSF, got directly involved in local political action and messaging. Tan became a prominent critic of Preston on social media, along with Musk who called for the supervisor to be "thrown in prison" on X.But tech money alone did not sway voters. Nancy Tung, who was elected Chair of the San Francisco Democratic Party this spring as part of the board's shift to a moderate-majority, pointed out that Supervisor Chan held her seat with big donations from organized labor, defeating efforts from GrowSF and TogetherSF to replace Chan with a moderate Democrat, Marjan Philhour.Democrat Bilal Mahmood, who unseated Preston, said the outcome came down to messaging and voters wanting change. He believed that money was not the deciding factor in the race. Preston lost because his messaging was out of touch with what the district wanted. There are now people in tech involved at the grassroots level on both sides.Progressive political consultant Jim Ross said that big donors themselves did not agree on candidates across the board. In the District 5 race, they were able to use their money to back a new candidate and get people to knock on doors and develop strong messaging that was compelling to the district.

Billionaire entrepreneur Mark Cuban has long been a prominent figure in the cryptocurrency world. Known for his investments in top cryptocurrencies like Bitcoin BTC/USD and Ethereum ETH/USD, he has also shown a keen interest in lesser-hyped coins. In an Ask Me Anything session on X back in January, Cuban revealed that Polygon MATIC/USD (now rebranded to POL) and Injective INJ/USD were his favorite cryptocurrency projects outside of Bitcoin and Ethereum. He stated, "I’m an investor in both. DYOR."

The POL Token and Polygon Network

The POL token serves as the utility token of the Polygon network, a Layer 2 scaling solution that works in tandem with the Ethereum blockchain. This allows for faster transactions and reduced costs. Since Cuban's disclosure, however, POL has seen a significant decline. It has plunged 26%, indicating potential challenges in the market.Polygon offers a unique approach to blockchain scalability, enabling developers to build decentralized applications with enhanced performance. Its integration with Ethereum provides a seamless transition for existing Ethereum-based projects.

Injective and Its Specialization

INJ, the native token of Injective, is a blockchain dedicated to building decentralized finance applications. It focuses on providing a platform for innovative financial services. Cuban's investment in Injective highlights his belief in the potential of decentralized finance.Since Cuban's disclosure, INJ has also experienced a decline, falling 25%. This shows the volatility and unpredictability of the cryptocurrency market.

Cuban's Previous Cryptocurrency Bets

Cuban's foray into cryptocurrencies is not limited to the projects he currently holds. In the past, he bet big on Dogecoin DOGE/USD and integrated it with his businesses. As the principal owner of the professional basketball team Dallas Mavericks, he started accepting Dogecoin as payment for tickets and merchandise.During the first month, the Mavericks saw $122,000 in Dogecoin sales and set several 24-hour records due to strong demand for using the meme coin for merchandise. This shows Cuban's ability to leverage emerging technologies and attract attention.

Cuban's Views on Ethereum

Cuban has showered praise on Ethereum, deeming it the "closest" to a true currency. Ethereum's smart contract functionality and decentralized nature have made it a popular choice among developers and investors.Its role in the cryptocurrency ecosystem is significant, and Cuban's recognition of its value adds credibility to the platform.In conclusion, Mark Cuban's cryptocurrency ventures have been diverse and influential. His investments in both well-known and lesser-known coins have provided valuable insights into the market. His actions and opinions have shaped the landscape of cryptocurrencies and continue to attract attention.