In a recent revelation, Jesse Powell, co-founder and chairman of Kraken, has announced a significant personal donation to former President Donald Trump’s 2024 election campaign. Powell, a prominent figure in the cryptocurrency space, has committed $1 million, primarily in Ethereum (ETH), to support Trump’s candidacy.
He has recently unveiled the donation in a social media post, citing a need for pro-crypto leadership in the United States.
Jesse Powell Backs Donald Trump In US Election
In a recent X post, Jesse Powell expressed his discontent with the current U.S. administration’s approach to crypto regulation. He argued that under President Biden, the industry has faced severe regulatory hurdles that are stifling innovation.
Notably, the remarks from the Kraken co-founder reflect his frustration towards the Biden administration over crypto regulation. He also noted that the current U.S. administration lacks in terms of creating clear regulations for digital assets, which in turn leaves the U.S. behind other major players in the world.
In addition, he has also voiced against Senator Elizabeth Warren, whom several market watchers view as an anti-crypto politician. Notably, pro-XRP lawyer John Deaton is contending against Senate Warren in the election, gaining attention from the crypto market participants.
On the other hand, the Kraken co-founder also criticized the U.S. SEC Chair Gary Gensler for his continued overreach toward digital assets’ space and anti-crypto stance. Meanwhile, Powell believes that current policies are pushing the U.S. behind in the global race to lead in blockchain technology.
Meanwhile, Jesse Powell’s decision to back Trump financially stems from a belief that the former president’s policies will better support the crypto industry. Powell views Donald Trump as the only major party candidate with a favorable stance towards digital assets, making him a vital ally for the future of U.S. crypto leadership.
Notably, Powell stated:
I just personally donated $1m (mostly #ETH) to Donald Trump…….I am excited to join other leaders from our community to unite behind the only pro-crypto major party candidate in the 2024 Presidential election so the United States can continue to remain a leader in blockchain technology.
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Donald Trump’s Crypto Stance
Jesse Powell’s donation underscores a growing alignment between cryptocurrency advocates and Trump’s 2024 campaign. It’s worth noting that the Kraken co-founder is not alone in his views. Rather, the broader crypto community has increasingly criticized the Biden administration for its regulatory measures, which many believe are overly restrictive and harmful to the industry’s development.
On the other hand, Trump’s recent comments and pro-crypto stance reflect a shift from his previously critical stance. Previously in a statement, Trump said he was “positive and open-minded” about cryptocurrency companies and emphasized the importance of U.S. leadership in the field.
In addition, he also hinted at the potential release of Ross Ulbricht, the founder of Silk Road, a decision that has garnered mixed reactions within the crypto community. Trump’s commitment to commuting Ulbricht’s life sentence to time served aligns with his broader narrative of supporting crypto innovation.
Notably, the hashtag “#freeross”, included in Powell’s latest X post, reflects Donald Trump’s commitment from last month.
As the 2024 election approaches, Powell’s substantial donation could signal a shift in political support within the crypto sector. His endorsement of Donald Trump suggests that many in the industry are looking for leadership that can offer clearer, more favorable regulations for digital assets.
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Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.
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