Jesse Powell, co-founder of leading U. S. cryptocurrency exchangeThe U. S. government, Kraken, made a monetary contribution to Donald Trump’s presidential campaign in 2024.
The donation, which amounts to $1 million and is primarily made up of Ethereum (ETH), comes days after Gemini’s founders donated $2 million to Trump.
Jesse Powell’s really important donation to Donald Trump’s crusade is based on his confidence that Trump represents the primary party candidate with a pro-crypto stance.
Powell expressed frustration with the current administration’s handling of crypto regulation. He argues that as President Biden, the United States has failed to identify transparent and favorable regulations for the crypto industry. This regulatory ambiguity, according to Powell, stifles innovation and pushes Web3 startups into more crypto-friendly jurisdictions such as Europe, Singapore, the United Arab Emirates, and El Salvador.
In addition, Powell has been highly critical of key figures in the current administration, including Senator Elizabeth Warren and SEC Chair Gary Gensler, whom he accuses of hindering the expansion of the U. S. crypto market with strict regulatory measures.
Powell’s stance on Trump is also tied to Trump’s promise to release Ross Ulbricht, the founder of the now-defunct darknet marketplace Silk Road, which has been a point of contention within the crypto community.
Powell’s donation is part of a broader wave of support for Trump from the crypto industry.
Other notable figures, such as Gemini’s Winklevoss twins, have also made contributions to Trump’s campaign, donating around 15. 47 BTC.
In addition, major cryptocurrencies such as Ripple and Coinbase have invested millions in the FairShake super PAC, with the aim of choosing crypto-friendly candidates.
This political mobilization underscores a strategic effort within the crypto network to influence long-term regulatory landscapes in favor of virtual asset innovation.
Trump’s crusade leveraged this support, raising more than $14 million worth of cryptocurrency, Ethereum (ETH), Polygon (MATIC) and Circle’s USDC stablecoins.
Trump’s overall crypto portfolio has grown to over $30 million, reflecting his growing alignment with the crypto sector. This is expected to have significant implications for the U. S. crypto market. This could lead to clearer regulations and a physically more powerful blockchain ecosystem.
As the 2024 election approaches, strategic donations from crypto influencers like Jesse Powell signal a shift in political dynamics, with the potential to shape the long-term regulation of crypto in the United States.
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