- Jesse Powell donates $1M in Ethereum to Trump’s 2024 presidential campaign.
- Powell criticizes Biden’s administration for unclear crypto regulations.
- Trump’s campaign collects over $14M in crypto after aligning with pro-crypto stance.
Jesse Powell, co-founder of the prominent U.S. cryptocurrency exchange Kraken, has made a significant financial contribution to Donald Trump’s 2024 presidential campaign.
The donation, amounting to $1 million and primarily composed of Ethereum (ETH) comes a few days after Gemini founders donated $2M to Trump.
Powell believes Trump is the only pro-crypto candidate
Jesse Powell’s substantial donation to Donald Trump’s campaign is rooted in his belief that Trump represents the only major party candidate with a pro-crypto stance.
Powell has expressed frustration with the current administration’s handling of cryptocurrency regulation. He argues that under President Biden, the U.S. has failed to establish clear and supportive regulations for the crypto industry. This regulatory ambiguity, according to Powell, stifles innovation and pushes web3 startups to more crypto-friendly jurisdictions such as Europe, Singapore, UAE, and El Salvador.
Moreover, Powell has been vocally critical of key figures in the current administration, including Senator Elizabeth Warren and SEC Chair Gary Gensler. He accuses them of hindering the growth of the U.S. crypto market through stringent regulatory measures.
Powell’s endorsement of Trump is also tied to the latter’s pledge to free Ross Ulbricht, the founder of the defunct darknet marketplace Silk Road, which has been a point of contention within the crypto community.
Donald Trump has become a darling of the crypto community
Powell’s donation is part of a larger wave of support for Trump from the cryptocurrency sector.
Other notable figures, such as the Winklevoss twins of Gemini, have also made significant contributions to Trump’s campaign, donating approximately 15.47 BTC.
Additionally, major crypto firms like Ripple and Coinbase have funneled millions into the FairShake super PAC, aiming to elect crypto-friendly candidates.
This political mobilization underscores a strategic effort within the crypto community to influence future regulatory landscapes in favor of digital asset innovation.
The Trump campaign has capitalized on this support, raising over $14 million in cryptocurrencies, including Ethereum (ETH), Polygon (MATIC), and Circle’s USDC stablecoins.
Trump’s overall crypto portfolio has grown to over $30 million, reflecting his increasing alignment with the crypto sector. This support is anticipated to have significant implications for the U.S. crypto market, potentially leading to clearer regulations and a more robust blockchain ecosystem.
As the 2024 election approaches, the strategic donations from influential crypto figures like Jesse Powell signal a shift in political dynamics, with the potential to shape the future of cryptocurrency regulation in the United States.