Kraken's Jesse Powell Donates $1M in Crypto to Trump’s Campaign

Kraken co-founder Jesse Powell supports Donald Trump with a $1 million crypto donation, advocating for pro-crypto policies against regulatory pressures.
Kraken's Jesse Powell Donates $1M in Crypto to Trump’s Campaign

Jesse Powell, co-founder of Kraken, has announced a $1 million donation in Ether to Donald Trump’s 2024 presidential campaign. Powell's contribution is aimed at supporting Trump, the only major party candidate with a pro-crypto stance, against the current regulatory environment under President Biden. Powell has criticized officials like Senator Elizabeth Warren and SEC Chair Gary Gensler for their negative impact on U.S. competitiveness in the crypto sector.

Powell's statement emphasized his commitment to uniting the crypto community behind Trump, hoping for policies that would allow the U.S. to lead in blockchain technology. His donation also highlights his stance on the controversial incarceration of Ross Ulbricht, the founder of Silk Road. Powell's tweet included the hashtag #freeross, indicating his support for Ulbricht's release.

The announcement comes amid increasing scrutiny of the cryptocurrency industry, with Powell highlighting the need for regulatory clarity and support for innovation. Powell's backing of Trump is seen as a significant move within the crypto community, advocating for a more favorable regulatory environment.

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