Jesse Powell, the founder of Kraken cryptocurrency exchange, announced a substantial donation of $1 million to former U.S. President Donald Trump’s campaign. This contribution, consisting mainly of ether, aligns with Powell’s support for the pro-crypto stance of Trump’s 2024 presidential bid.
Powell’s Support for Trump
In a post on X, Powell expressed his enthusiasm for backing Trump, describing him as the only major party candidate who supports the crypto industry. Powell emphasized the importance of maintaining the United States’ leadership in blockchain technology. He criticized the Biden administration for its regulatory approach, naming Senator Elizabeth Warren and SEC Chair Gary Gensler as key opponents of the crypto sector.
Jesse Powell’s Tenure at Kraken
Powell co-founded Kraken in 2011 and served as its CEO until 2022. His leadership period saw multiple legal challenges, including fines from the Department of Justice for violating sanctions and a legal dispute with the IRS over transaction data. Despite stepping down as CEO, Powell remains the chairman of Kraken’s board.
Trump’s Pro-Crypto Stance
Donald Trump has actively supported the blockchain and crypto industry, recently beginning to accept campaign donations in various cryptocurrencies. His speeches have embraced digital assets and bitcoin mining, attracting support from significant figures in the crypto world, such as the Winklevoss twins and Cathie Wood, CEO of Ark Invest.
Biden’s Position on Cryptocurrencies
President Joe Biden has yet to take a definitive stance on cryptocurrencies. However, reports indicate that his campaign is engaging with local crypto industry members for policy guidance and exploring the acceptance of crypto donations via Coinbase Commerce.
The First Presidential Debate
During their first presidential debate since 2020, hosted by CNN, the topic of blockchain and cryptocurrency was not discussed. However, the debate led to increased calls for Biden to reconsider his reelection bid in 2024. Prediction markets currently show a significant number of bets favoring Trump’s victory in the upcoming election.
