Kraken co-founder Jesse Powell donates $1M in Ethereum to Donald Trump’s campaign, citing regulatory concerns and the need for clear crypto rules in the U.S.
Kraken co-founder Jesse Powell has made headlines with a substantial donation to Donald Trump’s presidential campaign. Powell announced his $1 million contribution, primarily in Ethereum (ETH), highlighting his growing frustration with the current U.S. regulatory landscape and his support for Trump’s pro-crypto stance.
Key Points
Jesse Powell's $1M Crypto Donation:
Jesse Powell donates $1 million to Donald Trump’s campaign.
The donation is largely in Ethereum (ETH).
Motivation Behind the Donation:
Powell cites regulatory concerns and a lack of clear rules as primary motivations.
Criticism of the Biden administration's approach to crypto regulation.
Pro-Crypto Political Alignment:
The crypto industry increasingly aligns with pro-blockchain political candidates.
Powell calls Trump “the only pro-crypto major party candidate in the 2024 Presidential election.”
Regulatory Challenges Highlighted:
Powell criticizes Senator Elizabeth Warren and SEC Chair Gary Gensler for their stance on crypto.
Emphasizes the need for clear regulations in the U.S. as other economies advance towards definitive rules.
Trump’s Embrace of Crypto:
Trump recently began accepting campaign donations in cryptocurrency.
Public statements from Trump supporting blockchain and mining.
Industry Response to Regulatory Environment:
Coinbase filed a lawsuit against the SEC and FDIC demanding clear crypto regulations.
Coinbase CLO Paul Grewal criticizes the SEC for lack of transparency in governance.
Jesse Powell’s significant donation to Donald Trump’s campaign underscores the crypto industry's growing frustration with the current U.S. regulatory framework. By supporting Trump, Powell, and others in the crypto community hope to see a more favorable environment for blockchain and digital currencies.
As regulatory debates continue, the alignment of the crypto industry with pro-blockchain political figures will likely shape the future of cryptocurrency regulation in the U.S.
Source: Coindesk
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