Kraken co-founder donates $1M ETH to support Donald Trump to favour crypto adoption in the US

On Jun 28, 2024

Jesse Powell confirmed that he donated a significant amount of money to support Donald Trump in the upcoming US presidential election.

Kraken is a US based well-established digital assets trading platform, known for its robust security measures and wide range of supported cryptocurrencies. Kraken offers trading services for individuals and institutions alike, emphasising transparency and regulatory compliance in the crypto space.

On 28 June 2024, The Kraken co-founder Jesse Powell announced a personal donation of $1 million, mostly in Ethereum, to Donald Trump’s campaign.

He expressed concern over regulatory pressures on the crypto industry from the top US government officials like Elizabeth Warren and Gary Gensler.

Powell criticised the Biden administration for not implementing clear rules for this innovative sector, he argued this was harming US competitiveness.

Kraken co-founder also emphasised his support for Trump as the only major party candidate in the 2024 Presidential election who is pro-crypto, aiming to maintain the US’s leadership in blockchain technology.

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I just personally donated $1m (mostly #ETH) to @realDonaldTrump.

For too long, the crypto industry has been under attack by Elizabeth Warren, Gary Gensler and others. Despite overwhelming bipartisan Congressional efforts to put clear rules in place, the Biden White House has… pic.twitter.com/Ksxf3P2oCb
— Jesse Powell (@jespow) June 28, 2024

Currently, many high-profile Bitcoin and crypto proponents are supporting former US President Trump, hoping that he will endorse bills supporting crypto adoption within the US jurisdiction.

Donald Trump & Crypto

The former US president Donald Trump during his presidency from 2017 to 2021, generally maintained a sceptical stance towards cryptocurrencies and digital assets. He expressed concerns about their potential for illegal activities and volatility. However, he did not enact significant regulatory measures specific to the sector during his tenure.

In 2024, Trump dramatically changed his stance on the crypto sector and began accepting crypto donations for his election campaign. He made several crypto-friendly statements over the past three months to bolster his pro-crypto image.