Jesse Powell, the co-founder and chairman of Kraken, a prominent player in the cryptocurrency industry, has recently made a significant contribution to former President Donald Trump’s 2024 presidential campaign. Powell has generously donated $1 million to Trump’s campaign, with the majority of the funds being in the form of Ethereum (ETH).
Powell took to social media to announce his contribution, expressing his belief that the United States requires leadership that is supportive of cryptocurrencies. He expressed his dissatisfaction with the current U.S. government’s stance on cryptocurrency regulation, suggesting that President Biden’s regulations have created excessive red tape that stifles innovation within the sector.
Powell’s comments shed light on his perspective regarding the Biden administration’s approach to crypto regulation. He voiced his concern that the lack of sufficient efforts to establish transparent rules for digital assets is causing the United States to lag behind other global powers.
One notable figure who shares Powell’s reservations about the crypto industry’s regulatory environment is Senator Elizabeth Warren, whom Powell has openly criticized. Attorney John Deaton, a supporter of XRP, is running against Senator Warren and has also been closely monitoring the cryptocurrency market.
Furthermore, Powell has expressed his opposition to U.S. SEC Chair Gary Gensler’s negative attitude towards cryptocurrencies and his continuous involvement in the digital asset realm.
Simultaneously, Powell has chosen to financially support Trump because he believes that the policies of the former president would be advantageous for the cryptocurrency business. Powell considers Trump to be a crucial ally for the future of crypto leadership in the United States, as he is the only major party candidate who has shown a positive attitude towards cryptocurrencies.
In other crypto news, there is speculation about whether Bitcoin prices were influenced by Trump’s presidential debate.
