Jesse Powell, the co-founder and chairman of the cryptocurrency exchange Kraken, has donated $1 million in digital assets to the United States presidential campaign of the pro-crypto candidate Donald Trump.
In a Friday tweet, Powell revealed that the donation was mainly in ether (ETH). The Kraken founder has now declared publicly his support for Trump due to his favorable views on the crypto industry.
“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 so the United States can continue to remain a leader in blockchain technology,” Powell said.
Powell Donates $1M to Trump
According to Powell, U.S. leaders like Senator Elizabeth Warren and Gary Gensler, chairman of the Securities and Exchange Commission (SEC), have waged war on the local crypto industry for too long.
Senator Warren is a well-known crypto critic who has made several moves to introduce strict legislation for regulating the U.S. crypto industry.
Last year, Warren introduced the Digital Asset Anti-Money Laundering Act, which aims to implement strict anti-money laundering rules and counter-terrorism financing measures in the crypto sector. If approved, the bill will extend Bank Secrecy Act (BSA) responsibilities, including KYC requirements, to crypto network participants like wallet providers, miners, and validators.
On the other hand, Gensler’s SEC has sued several crypto entities, including exchanges and infrastructure providers, accusing them of offering unregistered securities. Firms like Coinbase, Binance, Ripple, and even Kraken’s parent company, Payward Ventures, have all been dragged to court for their alleged securities violations.
Kraken’s co-founder said the Biden administration has allowed a “campaign of unchecked regulation by enforcement” on the crypto industry despite bipartisan congressional efforts to create clear rules for the sector. He insisted that such an approach diminishes U.S. competitiveness as other major economies have clear crypto laws.
Trump’s Stance on Crypto
Powell’s opinions echo those of Tyler and Cameron Winklevoss, the co-founders of crypto exchange Gemini, who have also donated $1 million in bitcoin each to Trump’s campaign. They believe Trump’s victory in the upcoming elections could end the current administration’s overreach and hostility toward the crypto industry.
Meanwhile, Trump has pledged to protect Bitcoin from Senator Warren and other critics and never to allow the creation of a central bank digital currency (CBDC) in the U.S.
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