Jesse Powell, co-founder of the cryptocurrency exchange Kraken, has announced a personal donation of $1 million, primarily in Ether, to Donald Trump’s 2024 presidential campaign. Powell revealed his support on social media platform X, highlighting Trump as the only major party candidate advocating for pro-crypto policies.
Backing Pro-Crypto Policies
Powell emphasized his enthusiasm for Trump’s pro-crypto stance, stating,
“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.”
His donation underscores a growing alliance between the crypto community and political candidates supporting blockchain innovations.
Critique of Biden Administration
In his announcement, Powell also criticized the current regulatory approach of President Joe Biden’s administration towards the cryptocurrency industry. He singled out figures such as Senator Elizabeth Warren and Securities and Exchange Commission Chair Gary Gensler for their roles in what he views as restrictive policies that hinder US competitiveness. Powell asserted, “For too long, the crypto industry has been under attack by Elizabeth Warren, Gary Gensler, and others.”
Industry Optimism
Rudy De La Cruz, a strategic partner at BasedVC, reflected on the industry’s sentiment, stating there is “an air of optimism” within the crypto community. He noted that a Grayscale survey indicates this issue resonates with Americans, though voter opinions are divided. De La Cruz added, “Organisations and wealthy crypto entrepreneurs supporting candidates who are friendly to the crypto industry is not that surprising.”
Powell’s Broader Agenda
Powell’s endorsement of Trump is part of a broader agenda that includes advocating for the release of Ross Ulbricht, the founder of the online black market Silk Road. Ulbricht is serving a life sentence without parole plus 40 years for operating the site, which facilitated anonymous transactions for illegal goods and services. Powell’s post included the hashtag #freeross, indicating his support for Ulbricht’s release.
RFK Jr.’s Pledge
Adding to the momentum, U.S. presidential candidate Robert F. Kennedy Jr. recently pledged to pardon Ulbricht if elected. In a post on X, RFK Jr. stated,
“Ross Ulbricht has been in prison far too long. Two life sentences for hosting an e-commerce platform. Yes, illegal activity took place there, but come on.”
He urged others to sign a petition for Ulbricht’s release, promising to do so himself.
Powell’s substantial donation to Trump’s campaign highlights the intersection of cryptocurrency advocacy and political support, reflecting a strategic move to influence future regulatory frameworks.
