Kraken co-founder and chairman, Jesse Powell, has publicly declared his support for pro-crypto presidential candidate Donald Trump by donating $1 million in digital assets, primarily Ether (ETH), to his campaign. Powell's donation aligns with his optimistic outlook on the future of blockchain technology in the United States, as he believes Trump's favorable stance on the crypto industry could help the country maintain its leadership in the sector.

Powell criticized the current U.S. administration and figures such as Senator Elizabeth Warren and SEC Chairman Gary Gensler for their aggressive regulation of the crypto industry. He argued that their approach undermines U.S. competitiveness, as other major economies have clear crypto laws.

In contrast, Trump has promised to safeguard Bitcoin from critics and has expressed opposition to the creation of a U.S. Central Bank Digital Currency (CBDC). This stance has also attracted support from Gemini co-founders Tyler and Cameron Winklevoss, who have each donated $1 million in Bitcoin to Trump's campaign.