Jesse Powell, co-founder and chairman of cryptocurrency exchange Kraken, has donated $1 million to former President Donald Trump’s 2024 election campaign. The donation, primarily in Ethereum (ETH), marks a pivotal moment in the crypto community’s engagement in U.S. electoral politics.
Jesse Powell, who transitioned from his role as CEO to chairman of Kraken in 2022, made his support for Trump public in a detailed post on X. In his announcement, Powell highlighted Trump’s pro-crypto stance as essential for the future of blockchain technology in the United States. “I’m excited to join other leaders in our community to unite behind a major party’s only pro-crypto candidate in the 2024 presidential election so that the United States can continue to remain a leader in the blockchain technology,” Powell explained in his job.
The cryptocurrency industry is united behind Trump
Powell’s decision to financially support Trump stems from growing discontent within the cryptocurrency industry with the Biden administration’s current regulatory strategies, which many perceive as restrictive and damaging to the crypto ecosystem. innovation. Powell specifically criticized the “campaign of unchecked regulation by law enforcement” under the Biden administration, highlighting opposition from figures such as Sen. Elizabeth Warren and SEC Chairman Gary Gensler, who are seen as less supportive of the crypto industry.
These regulatory challenges are a major concern for crypto entrepreneurs and investors, who believe that strict policies could hamper the United States’ ability to compete with other countries with clearer and more favorable crypto regulations. The sentiment expressed in Powell’s statement reflects a broader fear that the United States is falling behind in the global race for blockchain innovation and leadership.
Donald Trump’s position on Bitcoin and cryptocurrencies has evolved significantly over time. Initially skeptical, Trump has recently adopted a very supportive tone towards the Bitcoin and cryptocurrency industry. This change is evident in various speechess, the passage of his campaign to accept donations in various cryptocurrenciesa strategic decision that has attracted considerable support from prominent figures in the crypto world.
Personalities such as Cameron and Tyler Winklevossco-founders of crypto exchange Gemini, and Ark Invest CEO Cathie Wood have also voiced their support for Trump, citing his progressive stance on crypto as a key factor. These endorsements from leading industry figures highlight a potential turning point in the political dynamics surrounding crypto.
In contrast, President Joe Biden’s administration has not clearly expressed a definitive position on crypto, but has pursued a stealthy approach.Operation Choke Point 2.0.” Despite this, reports have emerged that the Biden campaign is looking to engage with the crypto community. The campaign has reportedly been in talks to accept crypto donations via Coinbase Commerce, signaling a possible openness toward digital asset adoption.
As the 2024 U.S. presidential election approaches, the issue of cryptocurrency regulation is poised to become a major topic of debate. Jesse Powell’s substantial donation and public support for Donald Trump signal a growing trend among crypto executives to back candidates they believe will advocate for a favorable regulatory environment.
Additionally, Trump has hinted at the possibility of pardoning Ross Ulbricht, the founder of Silk Road, a move that has been widely supported within the Bitcoin and crypto community. Powell’s use of the hashtag “#freeross” significantly underscores Trump’s previous commitments in this regard.
At press time, BTC was trading at $61,541.
Featured Image of X @jespowchart from TradingView.com
