Kraken exchange founder donates $1 million
Kraken cryptocurrency exchange founder Jesse Powell announced in a post on X today that he has donated $1 million to the campaign of U.S. presidential candidate Donald Trump.
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
Jesse Powell criticized the Biden administration in a tweet for doing nothing to deal with the oppression of the cryptocurrency industry, and stated that he would support Trump to ensure that the United States can continue to maintain its leadership in blockchain technology:
“I am excited to join other leaders in our community in rallying behind the only major party candidate in the 2024 presidential election who supports cryptocurrencies so that the United States can continue to be a leader in blockchain technology.”
Jesse Powell added that the $1 million donation was primarily made up of ether.
Jesse Powell was involved in several legal disputes with the U.S. government during his tenure as CEO of Kraken. In 2022, the Justice Department fined Kraken for sanctions violations for allowing users from Iran, Cuba, and Syria to trade on its platform. The exchange also later faced a legal dispute with the IRS.
Trump and Biden
Trump began accepting campaign donations in various cryptocurrencies last month and has delivered multiple speeches embracing digital assets and Bitcoin mining. This series of moves has won support from people in the cryptocurrency industry. Examples include Gemini founders Cameron and Tyler Winklevoss and Ark Invest CEO Cathie Wood. Cathie Wood said at a conference last week that she plans to vote for Trump considering the future of the U.S. economy.
On the other hand, current U.S. President Biden has yet to publicly express a clear stance on cryptocurrencies since Trump publicly supported the industry. However, the Biden campaign seems to have begun taking action recently. In addition to seeking to accept cryptocurrency donations through Coinbase Commerce, it recently hired Coinbase Advisory Board member Keisha Lance Bottoms as a senior adviser for the 2024 election.
This article Kraken founder donates 1 million ETH to Trump, criticizing Biden administration for doing nothing to the crypto industry first appeared on Zombit.
