Jesse Powell, the founder of the major cryptocurrency exchange Kraken, has declared his financial support for former U.S. President Donald Trump’s 2024 presidential campaign. Using social media platform X, Powell announced a donation of $1 million, primarily in Ethereum (ETH). Powell’s backing stems from his belief that Trump is the sole pro-crypto candidate among major parties and is essential for maintaining U.S. leadership in Blockchain technology.
Why Did Powell Criticize Biden?
In his announcement, Powell criticized the current Biden administration for what he called an “uncontrolled regulation campaign through sanctions,” which he claims undermines the United States’ competitiveness in the global cryptocurrency market. Powell specifically highlighted Senator Elizabeth Warren and SEC Chairman Gary Gensler as prominent opponents of the crypto industry.
Powell’s history with Kraken includes various legal challenges with the U.S. government, such as a fine by the Department of Justice in 2022 for permitting users from sanctioned countries like Iran, Cuba, and Syria to trade on the platform. Despite stepping down as CEO in 2022, Powell continues to engage actively with Kraken as its board chairman.
What Support Has Trump Received?
Trump’s recent public endorsements of Blockchain and cryptocurrencies have garnered significant support within the crypto community. Accepting donations in various cryptocurrencies for his campaign, Trump has vocalized support for cryptocurrencies and Bitcoin mining in numerous speeches. This stance has earned him endorsements from influential figures like the Winklevoss twins from Gemini and Ark Invest CEO Cathie Wood, who has openly expressed her intention to vote for Trump based on his economic policies.
Key Takeaways
Critical points for stakeholders:
- Jesse Powell’s $1 million donation is primarily in Ethereum (ETH).
- Powell criticizes Biden’s administration for hindering U.S. crypto market competitiveness.
- Despite legal challenges, Powell remains actively involved with Kraken.
- Trump has publicly endorsed Blockchain and cryptocurrencies, attracting significant support from the crypto community.
- Biden’s stance on cryptocurrencies remains unclear, with some indications of seeking industry guidance.
The recent developments in the U.S. presidential race, particularly Trump’s gaining momentum after the first presidential debate, have fueled speculations that Biden may not secure re-election. Notably, the Polymarket prediction platform indicates that 62% of users are betting on a Trump victory in the upcoming elections.
