Kraken Founder’s $1M Trump Donation Gets Mixed Response on X

Kraken’s founder spills out his reasons for backing Trump, followed by a generous $1M Ethereum donation.

Donald Trump with Kraken and its founder Jesse Powell showing thumbs up.
Created by Kornelija Poderskytė from DailyCoin
  • Kraken’s founder, Jesse Powell, backs Donald Trump in the upcoming elections.
  • Following a $1M ETH donation to Trump, Powell lambasts Biden’s administration.
  • Political satire cryptos come up short after the first presidential election debate.

Jesse Powell, the crypto entrepreneur known for founding Kraken’s crypto exchange, openly expressed support for Donald Trump in the upcoming elections last weekend, labeling Trump the “pro-crypto President.” Powell donated $1 million of Ethereum (ETH) to Trump’s presidential campaign.

Kraken Founder Calls Trump Pro-Crypto

In his June 28, 2024 statement on X, Kraken’s founder declared: “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.” 

The message received mixed reviews on X; some praised the move as “based,” while others called out the photo of Powell and Trump standing next to each other as “fake”. Intriguingly, Powell’s message also included the #freeross hashtag, a reference to Silk Road’s founder Ross Ulbricht, who is promised a pardon if Trump gets elected.

Kraken’s Powell Fires Shots at Biden & SEC

Along with an endorsement for Trump, Kraken’s founder slammed current President Joe Biden and his administration for underestimating the congressional efforts of putting clear crypto regulations in place. “The Biden White House has stood by and allowed a campaign of unchecked regulation by enforcement,” read the message.

Powell’s stance corresponds with the overall sentiment shared by some prominent crypto figures like Ark Invest’s Cathie Wood. According to The Kabeissi Letter, the odds of Biden winning the campaign have slimmed by 24% in two hours following a poor performance in the CNN debate. However, other crypto heavyweights like SkyBridge Capital’s founder Anthony Scaramucci side with Biden.

Kraken itself hosts two political satire meme coins, Jeo Boden (BODEN) and Doland Tremp (TREMP), refraining from listing other president-themed coins due to their political nature. While BODEN plunged 83% in 30 days, its counterpart TREMP also succumbed to a 45% deficit. A double-digit pullback took the PolitiFi crypto sector by storm right after CNN concluded its inaugural presidential debate broadcast last Friday.

On the Flipside

  • Despite the straightforward message, Powell didn’t attach any on-chain records to prove his $1 million Ether (ETH) donation to Trump’s presidential campaign.

Why This Matters

Blockchain technology has become a hot topic in American politics, as crypto regulation in the U.S. often sets the trend for global crypto legislation.


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Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.