Kraken Chairman Donates $1 Million in Ethereum to Trump Campaign, Citing Crypto-Friendly Policies Amid Biden-Trump Debate

June 28, 2024 at 12:44 PM GST 2 mins read Crypto Live News

Jesse Powell, Kraken founder, donated $1M in Ethereum to Trump’s campaign.
Powell criticized Biden’s crypto regulations as detrimental to U.S. competitiveness.
Trump gains crypto community support with endorsements from prominent figures like Cathie Wood.

Jesse Powell, the founder of the cryptocurrency exchange Kraken, donated $1 million in Ethereum to former US President Donald Trump’s campaign. This significant contribution underscores Trump’s growing support in the blockchain and cryptocurrency communities.

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I just personally donated $1m (mostly #ETH) to @realDonaldTrump.

For too long, the crypto industry has been under attack by Elizabeth Warren, Gary Gensler and others. Despite overwhelming bipartisan Congressional efforts to put clear rules in place, the Biden White House has… pic.twitter.com/Ksxf3P2oCb
— Jesse Powell (@jespow) June 28, 2024

Powell expressed optimism, emphasizing the significance of supporting the only major party candidate who supports the crypto industry in the 2024 presidential election. Powell criticized the Biden administration for a ‘campaign of unchecked regulation by enforcement.’

He maintained that the US’s competitive edge in the international cryptocurrency market is being eroded by these regulations. Powell called out Senator Elizabeth Warren and Securities and Exchange Commission Chair Gary Gensler as prominent critics of the cryptocurrency industry.

Trump has gained the support of major players in the industry by publicly endorsing cryptocurrencies. He started accepting campaign donations in various cryptocurrencies last month and has given several speeches emphasizing his support for digital assets and bitcoin mining.

Notable crypto advocates, such as Cathie Wood, CEO of Ark Invest, and Cameron and Tyler Winklevoss, founders of Gemini, have endorsed Trump. While Trump’s support for the cryptocurrency industry is clear, President Joe Biden has yet to take a strong position on cryptocurrencies.

The Biden campaign is reportedly considering accepting cryptocurrency donations through Coinbase Commerce. On Thursday night, CNN hosted the first presidential debate between Biden and Trump.

Although the topic of blockchain and cryptocurrency was not addressed, the debate has fueled calls for Biden to reconsider running for reelection in 2024. The crypto community’s growing support for Trump emphasizes how crucial digital assets will be to the outcome of the election.