Crypto exchange Kraken’s Co-founder Jesse Powell has personally donated $1 million to Republican presidential candidate Donald Trump. Most of the funds sent were Ether denominated.
The exchange executive pointed out that the crypto industry has been under attack by Elizabeth Warren, Gary Gensler, and other office-bearers from the same boat. The regulation by enforcement approach, in particular, has been “unchecked.”
Powell underlined that despite "overwhelming" bipartisan Congressional efforts to clear the air and frame concrete rules, the Biden administration has "stood by." He added,
“This approach is diminishing US competitiveness as other major economies around the world advance clear rules to regulate digital assets.”
Several key industry players have been on the same page as Powell. In an attempt to foster transparency, crypto exchange Coinbase filed two lawsuits against the US Securities and Exchange Commission [SEC] and the Federal Deposit Insurance Corporation [FDIC] this week.
Coinbase has alleged that the agencies have not been adhering to the Freedom of Information Act request. In turn, it has pleaded to the court to mandate the regulators to comply.
Alongside Powell, others from the crypto community have also been donating to Trump’s campaign. Gemini’s Winklevoss twins donated around $1 million each to Trump. A part of it, however, was returned to adhere to donation compliance limits.
Owing to his pro-crypto stance, Trump has managed to garner the appeal of the crypto community within the US. The presidential contender hasn’t shed light upon any specific policy implementations. However, he recently started accepting donations via crypto and went on to claim that he will foster Bitcoin mining in America.
Elaborating on similar lines, Powell added,
“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.”
