Categories: U.S. Regulation

Kraken Founder Donates $1M in Ethereum to Support Trump’s 2024 Re-Election

Kraken founder Jesse Powell said he donated $1 million, mainly Ethereum, to support former US President Donald Trump‘s re-election bid.

In a June 28 statement, Powell explained that the donation was meant to help the US maintain its leadership in blockchain technology.

“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’s social media post also included a “#freeross” hashtag about Ross Ulbricht, the convicted founder of the darknet marketplace Silk Road. Interestingly, Former President Trump has vowed to pardon Ulbricht if he returns to office.

Meanwhile, the Kraken founder criticized President Joe Biden‘s approach to the emerging industry. According to Powell, Biden’s administration has allowed “a campaign of unchecked regulation by enforcement” to thrive, impacting US competitiveness in the global space. He stated:

“For too long, the crypto industry has been under attack by Elizabeth Warren, Gary Gensler and others. 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.”

Powell is the latest notable figure from the crypto industry to endorse Trump publicly.

The former President has recently taken a more favorable stance toward crypto, pledging to support the industry and end the Biden administration’s “war on crypto” if elected.

These actions seem to be boosting Trump’s re-election efforts. Polymarket, a popular crypto-based prediction platform, shows his chances rising to about 65% after the first presidential debate of the 2024 election season. Meanwhile, Biden’s chances of exiting the race have spiked to 43%.

Macroeconomics outlet the Kobeissi Letter stated:

“The odds of President Biden winning the 2024 Democratic nomination are down by 24% in 2 HOURS. Prior to the debate, markets saw an 86% chance that Biden would win the nomination. Now, there’s a 38% chance that he WON’T be nominated as the Democratic candidate.”

Terron Gold