Kraken’s Jesse Powell donates $1M in ETH to Donald Trump

In this post

  • Biden and Trump’s first presidential debate results are in favor of Trump, and the crypto community has responded.
  • Jesse Powell has donated $1 million in crypto to Trump’s presidential campaign.
  • Powell blames Elizabeth Waren and Gensler for the U.S. failed crypto market.

Joe Biden and Donald Trump faced off in the first debate of the 2024 presidential election campaign. Before the debate, many Americans and global citizens had expressed concerns about Joe Biden’s age and fitness for office. 

During the debate, Biden showed citizens they were right to worry. His behavior has turned to favor Trump, with many asking Biden to step aside. To that end, Jesse Powell, the co-founder of Kraken, has donated $1 million in cryptocurrency, mostly Ethereum, to Donald Trump’s 2024 presidential campaign.

Kraken co-founder shows support for Trump

In recent news, Jesse Powell has expressed strong support for Trump on X, tweeting, “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 the Biden administration has failed crypto investors. To him, Biden’s crypto regulations have diminished the United States’ crypto competitiveness. Powell adds, “Despite overwhelming bipartisan Congressional efforts to put clear rules in place, the Biden White House has stood by and allowed a campaign of unchecked regulation by enforcement.”

In addition, Powell has accused officials like Senator Elizabeth Warren and SEC’s Chair Gary Gensler of tanking the US crypto market.

Kraken faces trouble in the United States

Since the 2022 crypto winter, 2023 and 2023 have witnessed the worst regulatory crackdown in crypto history. In February 2023, Kraken was at SEC’s regulatory cramp down receiving end. 

The crypto exchange settled with the SEC for $30 million over a staking feature offered to customers. In November 2023, the SEC sued Kraken’s parent companies, Payward and Payward Ventures, for allegedly operating an unregistered online trading platform. The case remains pending in court.

Jesse Powell is the latest crypto elite to back Trump. Tyler and Cameron Winklevoss, founders of the Gemini crypto exchange, have also donated millions in crypto (mostly Bitcoin) to Trump.


Also Read: PolitiFi Tokens Rally as Trump-Biden U.S. Presidential Debate Nears

Florence Muchai

Florence Muchai is an experienced crypto journalist with 4 years experience in Crypto, Blockchain, Web3, NFT and AI. Florence holds a Bachelor's Degree in Disaster Management and International Diplomacy. She also has a Master's Degree in Clinical Psychology. Florence enjoys being a digital nomad and her writings tell value, wealth and in-depth understanding of decentralized and traditional finance.

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