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Kraken Exchange Founder Donates $1 Million
Trump and Biden
Jesse Powell, the founder of Kraken cryptocurrency exchange, announced today on X that he has donated $1 million to the presidential campaign of Donald Trump.
In his tweet, Jesse Powell criticized the Biden administration for its inaction regarding the oppression faced by the cryptocurrency industry. He stated that he will support Trump to ensure that the United States continues to maintain its leading position in blockchain technology:
“I am pleased to join other leaders in our community to support the primary party candidate for the 2024 presidential election who is the only one supporting cryptocurrencies, so that the United States can continue to maintain its leading position in blockchain technology.”
Jesse Powell added that this $1 million donation is primarily composed of Ether.
During his tenure as CEO of Kraken, Jesse Powell has been involved in several legal disputes with the US government. In 2022, the Department of Justice fined Kraken for allowing users from Iran, Cuba, and Syria to trade on its platform, violating sanction regulations. The exchange also faced legal disputes with the US Internal Revenue Service.
Trump began accepting campaign donations in various cryptocurrencies last month and has made several speeches embracing digital assets and Bitcoin mining. These actions have garnered support from individuals in the cryptocurrency industry, such as Gemini founders Cameron and Tyler Winklevoss, as well as Ark Invest CEO Cathie Wood. Cathie Wood even stated in a recent conference that considering the future of the US economy, she plans to vote for Trump.
On the other hand, current US President Biden, since publicly supporting the industry, has yet to make a clear stance on cryptocurrencies. However, the Biden campaign team seems to be taking action recently. Apart from seeking to accept cryptocurrency donations through Coinbase Commerce, they have also hired Keisha Lance Bottoms, a member of the Coinbase Advisory Board, as a senior advisor for the 2024 election.
