Kraken Co-Founder Injects $1M in Ethereum to Fuel Trump’s 2024 Bid

Jesse Powell, co-founder of the prominent cryptocurrency exchange Kraken, has made waves in the political arena by announcing a substantial contribution to Donald Trump’s 2024 presidential bid. Powell revealed that he has donated $1 million, primarily in the form of Ethereum (ETH), to support the former president’s campaign.

In his announcement, Powell emphasized the critical importance of maintaining America’s competitive edge in blockchain innovation. He expressed enthusiasm for aligning with “the only pro-crypto major party candidate” in the upcoming election, highlighting Trump’s potential to bolster the United States’ position as a leader in distributed ledger technology.

The donation comes at a time when the cryptocurrency industry faces increasing regulatory scrutiny. Powell took aim at the current administration, criticizing what he perceives as unchecked “regulation by enforcement” that has allegedly hindered the sector’s growth. He specifically called out Senator Elizabeth Warren and SEC Chair Gary Gensler for their roles in what he views as an assault on the crypto industry.

Interestingly, Powell’s announcement included a “#freeross” hashtag, a nod to Ross Ulbricht, the founder of the defunct Silk Road marketplace. This reference aligns with Trump’s previous statements suggesting he would consider pardoning Ulbricht if re-elected.

Powell joins other notable figures in the crypto space who have thrown their support behind Trump. The Winklevoss twins, founders of the Gemini exchange, have also made significant contributions to Trump’s campaign.

As the 2024 presidential race heats up, Powell’s substantial donation underscores the growing influence of cryptocurrency advocates in political fundraising and their push for more favorable policies towards digital assets.