Jesse Powell, the founder of the Kraken cryptocurrency exchange, has made headlines with his recent donation of $1 million to the campaign of former United States President Donald Trump. According to a post on X, the significant contribution is largely composed of Ether, a popular cryptocurrency, showcasing Powell’s continued support for both the digital currency landscape and Trump’s political endeavors.
Powell’s donation highlights the growing intersection between the world of cryptocurrency and politics. His support for Trump is not entirely surprising given his previous public endorsements and advocacy for policies that align with the former president’s agenda.
Trump 2024 Campaign Embraces Crypto Donations
In May, the former United States President who is currently facing criminal charges in four jurisdictions, announced that his 2024 presidential campaign will accept cryptocurrency donations. He launched a dedicated fundraising page allowing eligible individuals to donate using different cryptocurrencies via Coinbase Commerce.
As such, the campaign website displayed logos for Bitcoin (BTC), Ether (ETH), Dogecoin (DOGE), XRP, Shiba Inu (SHIB), Solana (SOL), USD Coin (USDC), and Ox (ZRX). Meanwhile, Trump’s decision to embrace cryptocurrency donations follows a May 8 dinner with supporters who had purchased a Non-Fungible Token (NFT) featuring a Mugshot taken during his surrender at a Georgia jail. During the event, Trump promised that attendees would contribute to his campaign using crypto.
Trump Positions Himself as the Crypto President
Earlier in the month, Trump declared his position to become the crypto president, signaling a significant pivot towards the burgeoning digital asset industry. Trump reiterated his strong support for the cryptocurrency industry and outlined his plans to propel the sector forward.
Also, he contrasted his stance with that of the Democratic Party, which he claimed is pursuing a path of stringent regulations, often referred to by the community as a regulation-by-enforcement. According to Trump, this approach could stifle innovation and hinder the growth of the crypto market in the United States.
Meanwhile, Trump’s advocacy for cryptocurrency represents a significant shift in his political strategy. As he seeks to reestablish his position in American politics, his embrace of the crypto sector aligns with a broader trend of increasing acceptance and integration of digital assets in mainstream finance and politics.
Donald Trump Continues to Gather Strong Support
Trump’s rallying cry found resonance among the crowd, composed of both VIPs and paying attendees. With 50 million crypto holders in the United States, Donald Trump argues that his pro-crypto stance could translate into significant voter support.
The political undertones of the crypto debate were not lost on Trump, who painted the Democrats as adversaries of the industry. Hours after some Demo rats showed support for crypto by voting against the Securities and Exchange (SEC) rules, Trump positioned himself as crypto’s only hope against perceived hostile policies.
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