Kraken Co-Founder Jesse Powell Donates $1M, Mostly in Ether, to Donald Trump

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Ruholamin Haqshanas

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Ruholamin Haqshanas

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Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...

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June 27, 2024

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Jesse Powell, one of the co-founders of the popular cryptocurrency exchange Kraken, has announced a donation of $1 million to Republican presidential candidate Donald Trump, with the majority of the contribution made in the form of Ether.

“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,” he wrote in a post on X.

Powell added that the crypto industry has faced persistent challenges from figures such as Elizabeth Warren and Gary Gensler, who have been critical of the industry.

He also mentioned that despite bipartisan efforts in Congress to establish clear regulations, the Biden administration has been relatively passive, allowing a regulatory environment characterized by enforcement rather than clear guidelines.

“This approach is diminishing US competitiveness as other major economies around the world advance clear rules to regulate digital assets.”

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

Crypto Veterans Rally Behind Trump

Powell’s donation aligns him with other prominent figures from the crypto community who have been actively supporting Trump’s campaign.

The Winklevoss twins, founders of the Gemini cryptocurrency exchange, also revealed their contributions of $1 million each to Trump’s campaign.

However, reports suggest that a portion of their donations was later refunded to comply with donation limits imposed by campaign finance regulations.

Throughout his election campaign, Trump has emerged as a candidate who appears favorable to the crypto industry.

In recent weeks, he announced his acceptance of cryptocurrency donations and expressed his belief in the importance of domestically-produced bitcoin.

Furthermore, he has advocated for the United States to assume a leadership position in the crypto field.

Notably, Trump has yet to outline specific policies concerning cryptocurrencies, and the topic did not arise during the first presidential debate with President Joe Biden, despite efforts from the crypto community.

Voters Consider Candidates’ Stance on Crypto

As reported, a survey conducted by the Harris Poll has revealed that one in three voters in the US consider a candidate’s position on cryptocurrencies before making their voting decision.

Another survey conducted by leading crypto venture capital firm Paradigm reveals that Trump’s poll numbers for the 2024 US Presidential Election enjoy significant support from the crypto community.

The survey, which included 1,000 registered voters, found that 48% of crypto owners plan to vote for the former president, while 39% intend to vote for current U.S. President Joe Biden.

Likewise, a recent report from Coinbase claimed that California voters who own cryptocurrencies are expected to have a significant impact on the 2024 elections.

Trump’s vocal support for cryptocurrency is not new, as evidenced by several recent public statements.

On May 26, he reiterated his stance that the United States must assert its dominance in the crypto sector.

“Our country must be the leader in the field, there is no second place,” he said at the time in a post on Truth Social, a social media platform owned by Trump Media and Technology Group.