Jesse Powell, co-founder and chairman of cryptocurrency exchange Kraken, has announced a $1 million donation in Ethereum (ETH) to support Donald Trump’s campaign in the ongoing United States presidential election.
Powell shared this information in a social media post today, June 28, 2024, expressing his dissatisfaction with the current state of the cryptocurrency industry in the U.S.
Powell cited what he perceives as antagonism towards the crypto sector from notable federal executives, including SEC Chair Gary Gensler and U.S. Senator Elizabeth Warren. He also criticized the Joe Biden administration for allegedly suppressing the crypto industry through unchecked regulations.
The Kraken chairman argued that these actions are diminishing U.S. competitiveness in the global economy, especially as other countries are implementing clear regulations for the virtual asset industry. As a result, Powell declared his intention to join other crypto industry leaders in supporting Trump, whom he described as “the only pro-crypto prominent political party candidate” in the 2024 U.S. Presidential election.
Powell’s announcement on social media platform X sparked reactions from various pundits, with many expressing excitement about his support. Laura Loomer, an investigative journalist and founder of Loomered, publicly thanked Powell for backing Trump in his post’s comment section.
Trump has indeed been vocal about his support for the crypto sector. In May, the former U.S. President declared at a convention in Washington DC that, if elected, he would make the United States a global leader in the crypto industry. During this event, he outlined his vision for the future of digital assets in the country.
RELATED: Trump Rallies Crypto Industry Support, Pushes for US Leadership in Bitcoin Mining
Meanwhile, Trump’s campaign was one of the first to openly accept cryptocurrency donations. Earlier in the year, Trump declared that he was open to receiving them and would help anyone who wanted to do so.
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