Jesse Powell, co-founder of the cryptocurrency exchange Kraken, recently made headlines by donating $1 million in mostly Ether to the Trump presidential campaign. This generous contribution highlights the increasing support that President Trump is receiving from the crypto community in the United States. Many in the industry appreciate Trump’s endorsement of digital assets and his promise to create a more favorable environment for crypto companies to operate in.
In a social media post, Powell stated, “I just personally donated $1m (mostly #ETH) to @realDonaldTrump.” He criticized the Democrats and the Securities and Exchange Commission (SEC) under democratic leadership for hindering crypto innovation with their regulatory actions. Powell specifically called out President Joe Biden, Senator Elizabeth Warren, and SEC Chair Gary Gensler for their role in stifling the growth of the crypto industry.
According to Powell, the US crypto sector has faced significant challenges due to the actions of individuals like Warren and Gensler. Despite bipartisan efforts in Congress to establish clear regulations, the Biden administration has allowed excessive regulatory enforcement to impede progress. As a result, other countries have taken the lead in developing their crypto ecosystems while the US lags behind.
Many crypto founders and enthusiasts share Powell’s concerns and have expressed their support for Trump, who has made crypto-related issues a focal point of his campaign. Trump’s ambition to become the “crypto president” and position the US as a global leader in the industry has resonated with tech leaders and venture capitalists who traditionally lean towards the left. However, the general electorate remains divided on various other issues surrounding the presidential candidates.
In addition to his pro-crypto stance, Trump has indicated that he would consider pardoning Ross Ulbricht, the mastermind behind the darknet marketplace Silk Road. This platform facilitated illegal transactions using cryptocurrency, prompting controversy and legal action. Powell is among those advocating for Ulbricht’s release, as evidenced by his use of the “#freeross” hashtag in connection with his donation announcement.
Overall, Powell’s significant contribution to the Trump campaign underscores the growing influence of the crypto community in the political landscape. By aligning themselves with candidates who prioritize blockchain technology and digital assets, industry leaders like Powell are seeking to shape policies that will foster innovation and growth in the burgeoning crypto sector.