Kraken Co-Founder Jesse Powell Makes $1M Crypto Donation to Trump
Crypto exchange Kraken co-founder Jesse Powell has announced a substantial donation to Donald Trump’s presidential campaign.
Powell mentioned in his tweet that he made the $1 million donation primarily in Ethereum (ETH).
Key points:
- Jesse Powell donates $1 million in crypto to Donald Trump’s campaign.
- The donation is largely in Ethereum (ETH).
- Powell cites regulatory concerns and a lack of clear rules as motivation.
- Trump has recently embraced cryptocurrencies and blockchain technology.
- The crypto industry is increasingly aligning with pro-blockchain political candidates.
Powell expressed that the decision to support Trump’s campaign stems from growing frustration within the crypto community over the current regulatory landscape.
Powell calls out anti-crypto Warren and Gensler
The Kraken co-founder specifically called out Senator Elizabeth Warren and SEC Chair Gary Gensler for their attacks on the industry. He criticized the Biden administration for allowing what he describes as “unchecked regulation by enforcement.”
Powell argues that there is a lack of clear regulations in the US while other economies are advancing towards clear rules.
Trump has been quite vocal in showing his support for crypto. The former president began accepting campaign donations in crypto last month. Additionally, he also made several public statements supporting blockchain and mining.
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This shift in stance has positioned Trump as what Powell calls “the only pro-crypto major party candidate in the 2024 Presidential election.”
Demanding clear crypto regulation in the U.S., Coinbase recently filed a lawsuit against the SEC and FDIC. Coinbase CLO Paul Grewal also criticized the SEC, stating that this is no way to operate a transparent government.
