- Kraken co-founder Jesse Powell is lending support to Donald Trump.
- Other industry moguls have taken similar steps.
- Donald Trump is promoting a pro-crypto vision in his election mandate.
Crypto bosses are rallying behind presidential hopeful Donald Trump, as the upcoming US election candidate has shown favor toward the industry as part of his ongoing campaign. With promises to foster a more accommodating environment for the crypto sector, Trump has undoubtedly captured the support of many industry leaders, who are now backing his mandate with substantial contributions.
Trump Bags Hefty Crypto Donation from Kraken
In the latest bid to facilitate the former president’s return to the White House, Kraken co-founder Jesse Powell announced his donation of $1 million in Ether to Donald Trump.
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Powell declared his support in a Friday, June 28, 2024 tweet, emphasizing the need for a change in the present US leadership. He asserted that the present US president, Joe Biden, has allowed relentless, vicious attacks against the industry, allowing “a campaign of unchecked regulation by enforcement.”
He added that this approach threatens the success of the United States crypto industry, diminishing its competitiveness while other major economies advance clear rules to regulate digital assets.
The Kraken co-founder’s support echoes the growing sentiment in the industry favoring Trump’s crypto vision in recent weeks. However, his generous donation faces a challenge following a recent rejection of a similar contribution.
Donald Trump’s Campaign Refunds Crypto Donation
Prior to Kraken Jesse Powell’s million-dollar support for Donald Trump, two crypto executives, Gemini CEOs Tyler and Cameron Winklevoss donated a total of $2 million in BTC to the same cause.
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The Winklevoss twins lauded Trump’s ongoing campaign and promise for crypto in the United States, similarly condemning President Biden for enabling the SEC’s litigation against crypto projects without clear industry standards.
However, the offer hit a hiccup when the presidential candidate’s campaign team announced its decision to return the funds. The individual $1 million checks from the twins exceeded the legal limit under federal law, which stipulates a maximum donation of $844,600 per individual.
At press time, it remains unclear if the Kraken co-founder’s contribution will be refunded.
On the Flipside
- Kraken is among the many targets of regulatory actions by the U.S. Securities and Exchange Commission (SEC).
- Donald Trump was once an outspoken critic of the crypto asset class.
- Gemini, the crypto exchange founded by the Winklevoss twins, has launched an initiative targeting the empowerment of pro-crypto policymakers.
Why This Matters
Kraken co-founder Jesse Powell’s recent contribution to Donald Trump’s campaign underscores a growing trend of support for the former president. The election hopeful’s continued pro-crypto campaign could further attract similar support.
Read more about Donald Trump’s ongoing pro-crypto advocacy amidst his electoral campaign:
Trump to Speak at Bitcoin 2024, After Pro-Crypto U-Turn
Crypto exchange Coinbase has taken a stance ahead of the upcoming AI-ASI merger, read here to find out:
Coinbase Shuns ASI Token Merger: Here’s What It Means
