Kraken Co-Founder Donates $1 Million to Donald Trump

Jesse Powell, the co-founder of Kraken cryptocurrency exchange, has personally donated $1 million, mostly in Ether, to Donald Trump’s 2024 presidential campaign.

Powell Support Trump’s Campaign

He disclosed this move in a X post, emphasizing his support for the former US president as the only major party candidate currently advocating for pro-crypto policies. 

“I am excited to join other leaders from our community to unite behind the only pro-crypto major party candidate in the 2024 Presidential election so the United States can continue to remain a leader in blockchain technology”, he stated. 

As the US presidential election approaches, industry leaders continue to express their support for Republican candidate Donald Trump, who has publicly announced his intentions for the crypto industry. 

Trump has been vocal about his stance on cryptocurrency saying that wants all the remaining Bitcoin to be made in the USA. His friendly disposition towards digital assets has resonated with the crypto community attracting admiration and backing from major players.

Earlier this month, CoinTab reported that the Winklevoss twins, Tyler and Cameron donated $2 million in Bitcoin to Trump to support his campaign. 

Powell Critiques Biden’s Approach Towards Crypto 

Meanwhile, the Kraken co-founder criticized current President Joe Biden’s regulatory approach toward the crypto industry in the post. Powell expressed his dissatisfaction saying that this administration has allowed a “campaign of unchecked regulation by enforcement” despite every effort by the bipartisan Congressional to put clear regulations for the crypto industry. 

Additionally, he noted that these stiff regulation hurdles have weakened the competitiveness of the U.S as other major countries have advanced and clear rules in place to regulate crypto assets. 

Powell also said that the crypto industry has suffered major attacks from officials like Senator Elizabeth Warren and the SEC chairman, Gary Gensler. 

Notably, Jesse Powell’s tenure as CEO of Kraken was marked by several legal battles with the U.S. government. The exchange was fined in 2022 by the Department of Justice for violating sanctions by allowing users in Iran, Cuba, and Syria to trade on its platform. Powell stepped down as CEO in that year but continues to serve as chairman of the board.

Therefore, Powell’s donation to Donald Trump is aimed at advancing a safer crypto environment.