Kraken Co-Founder Jesse Powell Makes $1M Donation, Primarily in Ether, to Donald Trump
Jesse Powell, one of the co-founders of the renowned cryptocurrency exchange Kraken, has generously donated $1 million to support Republican presidential candidate Donald Trump, with the majority of the contribution being made in the form of Ether.
In a post on X, Powell expressed his enthusiasm for joining other leaders in the crypto community to rally behind the only major party candidate who is pro-crypto in the 2024 Presidential election. He highlighted the ongoing challenges faced by the crypto industry, particularly from figures like Elizabeth Warren and Gary Gensler, who have been critical of the industry.
Powell also noted the lack of clear regulations from the Biden administration, despite bipartisan efforts in Congress. He emphasized the need for a regulatory environment that provides clear guidelines instead of focusing solely on enforcement.
Powell’s donation aligns him with other prominent figures in the crypto community who have actively supported Trump’s campaign. The Winklevoss twins, founders of the Gemini cryptocurrency exchange, also announced their contributions of $1 million each to Trump’s campaign, although reports suggest that a portion of their donations was later refunded to comply with campaign finance regulations.
Throughout his campaign, Trump has shown favor towards the crypto industry. He has recently announced his acceptance of cryptocurrency donations and expressed his belief in the importance of domestically-produced bitcoin. Additionally, he has advocated for the United States to play a leading role in the crypto field.
However, Trump has yet to outline specific policies regarding cryptocurrencies, and the topic did not arise during the first presidential debate with President Joe Biden, despite efforts from the crypto community.
A survey conducted by the Harris Poll revealed that one in three voters in the US considers a candidate’s stance on cryptocurrencies before making their voting decision. Another survey by Paradigm, a leading crypto venture capital firm, found that Trump enjoys significant support from the crypto community for the 2024 US Presidential Election, with 48% of crypto owners planning to vote for him, compared to 39% for President Biden.
Furthermore, a recent report from Coinbase highlighted the impact that California voters who own cryptocurrencies are expected to have on the 2024 elections.
Trump’s vocal support for cryptocurrency is not new, as he has made several public statements emphasizing the need for the United States to dominate the crypto sector. He expressed this sentiment on May 26 in a post on Truth Social, a social media platform owned by Trump Media and Technology Group, stating, “Our country must be the leader in the field, there is no second place.”
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