Key Insights
- Kraken cryptocurrency exchange founder donates $1 million (mostly in ether) to Donald Trump’s campaign, citing Trump as the only pro-crypto major party candidate.
- Trump has recently embraced blockchain and crypto, accepting cryptocurrency donations and gaining support from industry figures.
WASHINGTON (MarketsXplora) – Jesse Powell, founder of Kraken cryptocurrency exchange, has announced a $1 million donation to former U.S. President Donald Trump’s campaign, intensifying the crypto industry’s involvement in the 2024 presidential race.
Powell, who stepped down as Kraken’s CEO in 2022 but remains chairman of the board, made the announcement via social media platform X on Wednesday. The donation, primarily in the form of ether cryptocurrency, underscores growing support for Trump from the crypto sector.
“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,” Powell stated, criticizing the Biden administration for what he termed a “campaign of unchecked regulation by enforcement” that he believes is weakening U.S. competitiveness in crypto asset regulation.
Crypto Industry Throws Weight Behind Trump
Trump has recently pivoted towards a pro-blockchain stance, accepting campaign donations in various cryptocurrencies since last month and making several speeches embracing digital assets and bitcoin mining. This shift has garnered support from prominent crypto figures, including Gemini founders Cameron and Tyler Winklevoss, and Ark Invest CEO Cathie Wood.
In contrast, President Joe Biden’s stance on cryptocurrencies remains less defined. However, sources close to the matter told MarketsXplora that the Biden campaign has been in discussions with local crypto industry members for policy guidance and is considering accepting crypto donations via Coinbase Commerce.
The crypto industry’s political engagement comes amid heightened regulatory scrutiny. Powell specifically named Senator Elizabeth Warren and Securities and Exchange Commission Chair Gary Gensler as adversaries of the crypto industry in his statement.
The presidential race took center stage on Thursday night with the first Biden-Trump debate since 2020, hosted by CNN. While cryptocurrency was not discussed, the debate sparked increased calls for Biden to step down from seeking reelection, according to reports from The Guardian.
Prediction markets are currently favoring Trump, with users on the Polymarket platform betting a 62% chance of a Trump victory in the upcoming election.