Jesse Powell Donates $1M in Crypto to Trump’s 2024 Campaign

Powell criticized the Biden administration’s regulatory approach for undermining the U.S. crypto industry’s competitiveness through restrictive regulations and hostile rhetoric.

Jesse Powell, the co-founder of Kraken, announced on X that he had donated $1 million, mostly in Ether, to Donald Trump’s 2024 presidential campaign. His donation highlights the involvement of crypto leaders in U.S. politics to influence cryptocurrency regulation.

Powell expressed excitement about joining other leaders from the crypto community to support Trump, the only pro-crypto major party candidate in the 2024 Presidential election. He believes that Trump’s leadership can help the United States become a blockchain technology leader.

Crypto Leaders Unite Behind Trump 

Powell criticized the Biden administration’s regulatory approach, particularly targeting Senator Elizabeth Warren and SEC Chair Gary Gensler. He accused them of undermining the U.S. crypto industry’s competitiveness through restrictive regulations and hostile rhetoric. “For too long, the crypto industry has been under attack by Elizabeth Warren, Gary Gensler, and others,” Powell stated.

Recently, Tyler and Cameron Winklevoss, founders of the crypto exchange Gemini, also supported Trump’s campaign. They each donated 15.47 Bitcoin, worth about $1 million, to show their backing. While Biden aligns with regulatory bodies like the SEC, Trump aims to dismantle adversarial policies and support digital currencies.

Trump’s favorable stance towards digital assets, whether strategic or genuine, has resonated with the crypto community. He has used the strict regime experienced during Joe Biden’s tenure to position himself as a better option in the November election. During Biden’s administration, the SEC took several actions that the crypto sector saw as an abuse of power, resulting in lawsuits against exchanges like Gemini, Binance, Coinbase, Robinhood, and Uniswap.

Since the campaign began, Trump has portrayed himself as a Bitcoin savior, promising clearer regulations for the crypto sector. On June 13, Trump tweeted that Bitcoin mining might be the U.S.’s last defense against central bank digital currency (CBDC) and emphasized the importance of making all remaining Bitcoin in the USA.

Overall, Powell’s and the Winklevoss twins’ significant donations underscore a growing trend of crypto industry leaders getting involved in politics to advocate for favorable regulations and policies. This support for Trump highlights the crypto community’s desire for a president who will champion their interests and help the U.S. maintain its leadership in blockchain technology.