Kraken CEO Jesse Powell Donates $1M in Trump Campaign

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Jesse Powell, one of the co-founders of the cryptocurrency exchange Kraken, made headlines by donating $1 million in Ether to Donald Trump’s 2024 Presidential campaign. 

Though crypto donations are still down, will Trump change crypto’s fate? With industry big bulls’ support, things look promising. 

Powell’s $1M Trump Card? 

As the campaign gears up, Powell’s $1 million support for Trump is worth noticing, as he views him as the only major party candidate actively advocating for pro-crypto policies. Powell’s donation aims to influence policies that could affect how cryptocurrencies are regulated, showing how crypto leaders are getting involved in U.S. politics to protect their interests.

In his statement announcing the donation, Powell criticized the Biden administration’s regulatory approach, particularly targeting individuals like Senator Elizabeth Warren and SEC Chair Gary Gensler. He accused them of undermining the competitiveness of the U.S. crypto industry through restrictive regulations and hostile rhetoric. 

Powell’s harsh criticism reflects his concerns within the crypto community about regulatory uncertainty and its potential impact on innovation and investment in the sector.

Trump’s Fundraising prowess

In the meanwhile, Donald Trump’s presidential campaign, which began accepting crypto donations in May, has raised only $59,000 in total, according to an analysis by Breadcrumbs, a blockchain analytics firm. 

The campaign has received donations from Tyler and Cameron Winklevoss, founders of crypto exchange Gemini, who each donated 15.47 Bitcoin, worth about $1 million, to the campaign. The analysis of blockchain data through June 17 revealed that the campaign had raised less than $60,000 in crypto from just 218 donors, with most donations likely on Coinbase order books.

While Biden aligns with regulatory bodies like the SEC, Trump aims to dismantle adversarial policies and champion digital currencies. Keeping the crypto playbook of both the leaders, do you think Biden or Trump has the right approach to crypto regulation? Let us know!