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Kraken Co-Founder Jesse Powell Backs Trump with $1M Ethereum Donation, Blasts Biden’s Crypto Policies

Last Updated June 28, 2024 2:40 PM
Eddie Mitchell
Last Updated June 28, 2024 2:40 PM
Key Takeaways
  • Crypto owners are mostly likely to vote for Donald Trump.
  • Coinbase and Gemini crypto exchanges are facilitating crypto donations for Donald Trump.
  • Coinbase, Ripple (XRP), and other major industry players are donating millions to pro-crypto politicians.

The co-founder of Kraken has donated $1 million to presidential hopeful Donald Trump as crypto continues to turn towards the Republican presidential candidate.

With cryptocurrency becoming a voting issue ahead of the November elections, major industry participants are beginning to place their bets.

A $1 Million Donation

As per a post from Jesse Powell, the Kraken co-founder has personally donated $1 million “mostly” in Ethereum (ETH) to the Republican presidential nominee, Donald Trump.

Powell, who has long been concerned with the U.S. government’s heavy-handed approach to regulating the cryptocurrency space, says that the Biden-led White House has diminished the domestic crypto industry.

Powell calls out Senator Elizabeth Warren and U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler. Notably, he is critical of the Biden administration for allowing what he describes as “unchecked regulation by enforcement” from these entities.

“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 argues that whilst the U.S. struggles to establish clear regulations, other nations are advancing, threatening U.S. competitiveness.

Crypto is a Voting Issue

Following the debate, Coinbase expressed disappointment in the fact that crypto was not mentioned in the first presidential debate. So it took to X to rally crypto voters.

Noting the tens of millions of Americans who own crypto, and a strong ownership rate in the state of Georgia, Coinbase directs users to the Stand With Crypto  website. Here, voters can find pro-crypto politicians, representatives, bills, and other resources, as well as advocate for the crypto sector.

The rally from Coinbase carries some extra weight, given that it has been embroiled in legal battles with the SEC for some time now. Throughout, Coinbase has been fighting to establish regulatory clarity for the industry.

Crypto’s Favourite

Despite no mention of Bitcoin (BTC) or cryptocurrency in general during the wildly anticipated first presidential debate, crypto is most certainly an issue for voters this year. Estimates of U.S. crypto ownership rates range from as high as 40% to as low as 7%.

Unsurprisingly, Trump is the favorite amongst crypto owners. In recent months, he’s begun accepting crypto donations and also courted the Bitcoin mining industry. Last week, he received $2 million in donations from the Winklevoss twins.

Soon, other crypto advocates, industry players, and investors from a range of sectors could soon follow suit. If crypto truly is a voting issue, then these moves add significant weight to Trump’s pro-crypto campaign.

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