Jesse Powell, co-founder and chairman of the cryptocurrency exchange Kraken, has made a significant donation of $1 million in Ethereum (ETH) to Donald Trump’s 2024 presidential campaign. This contribution underscores Powell’s endorsement of Trump’s supportive stance on cryptocurrency.
Powell’s $1 Million Donation to Trump
On Friday, Powell announced via Twitter his donation of $1 million in ETH to Trump’s campaign. He expressed his support for Trump, emphasizing him as the only major party candidate in the 2024 election with a pro-crypto agenda and highlighting the importance of U.S. leadership in blockchain technology.
“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 stated.
Criticism of Current U.S. Crypto Regulations
Powell has been critical of the current U.S. regulatory environment, particularly targeting key figures for their stringent approaches. He argues that their actions have impeded the growth of the crypto industry.
Among the regulatory efforts he critiques is the proposed Digital Asset Anti-Money Laundering Act, which aims to enforce strict anti-money laundering measures within the crypto sector. This legislation seeks to expand compliance requirements to various participants in the crypto ecosystem, including wallet providers and miners.
Additionally, the SEC has pursued legal actions against several crypto companies, accusing them of offering unregistered securities. Powell contends that the aggressive regulatory enforcement seen under the current administration has hindered the establishment of clear, supportive guidelines for the industry, affecting U.S. competitiveness.
Trump’s Pro-Crypto Policies
Powell’s support for Trump echoes the sentiments of other crypto leaders who have also backed Trump’s campaign. They hope that Trump’s election could address the regulatory overreach perceived in the current administration’s approach to cryptocurrencies.
Trump has committed to defending Bitcoin against regulatory challenges and has promised to oppose the creation of a central bank digital currency (CBDC) in the U.S. His pro-crypto stance aligns with industry leaders’ desires for a more favorable regulatory environment.
Conclusion
Jesse Powell’s $1 million donation in Ethereum to Donald Trump’s campaign highlights the growing interplay between cryptocurrency advocacy and political support. As the crypto industry navigates regulatory challenges, contributions like Powell’s reflect a desire for a regulatory framework that fosters growth and innovation.
