Kraken Founder Criticizes Biden Administrations Inaction in the Cryptocurrency Industry Donates 1 Million in ETH to Trump

Contents
Toggle
Kraken Exchange Founder Donates $1 Million
Trump and Biden
Jesse Powell, the founder of Kraken cryptocurrency exchange, announced today on X that he has donated $1 million to the presidential campaign of Donald Trump.
In his tweet, Jesse Powell criticized the Biden administration for not taking any action against the oppression faced by the cryptocurrency industry and stated that he will support Trump to ensure that the United States continues to maintain its leading position in blockchain technology:
“I am pleased to join other leaders in our community in supporting the only major party candidate for the 2024 presidential election who supports cryptocurrencies, so that the United States can continue to maintain its leading position in blockchain technology.”
Jesse Powell added that this $1 million donation is primarily composed of Ether.
During his tenure as CEO of Kraken, Jesse Powell has been involved in several legal disputes with the US government. In 2022, the Department of Justice fined Kraken for allowing users from Iran, Cuba, and Syria to trade on its platform, in violation of sanction rules. The exchange also faced legal disputes with the Internal Revenue Service.
Trump began accepting campaign donations in various cryptocurrencies last month and has made several speeches embracing digital assets and Bitcoin mining, garnering support from the cryptocurrency industry. For example, Gemini founders Cameron and Tyler Winklevoss and Ark Invest CEO Cathie Wood, among others. Cathie Wood even stated at a conference last week that considering the future of the US economy, she plans to vote for Trump.
On the other hand, current US President Biden has not yet made a clear stance on cryptocurrencies since publicly supporting the industry. However, the Biden campaign team seems to have started taking action recently, apart from seeking to accept cryptocurrency donations through Coinbase Commerce, they have also hired Keisha Lance Bottoms, a member of the Coinbase Advisory Board, as a senior advisor for the 2024 election.