CoinDesk reports:
Jesse Powell, the founder of major cryptocurrency exchange Kraken, has announced that he will provide financial support for former US President Donald Trump’s 2024 presidential campaign. Powell made the donation announcement of $1 million on the social media platform X, with the funds primarily to be used for Ethereum (ETH). Powell’s support stems from his belief that Trump is the only candidate in the major political parties who supports cryptocurrencies, which is crucial for maintaining the US’s leadership position in blockchain technology.
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1. Why did Powell criticize Biden?
2. What support has Trump received?
3. Key points
Why did Powell criticize Biden?
In his statement, Powell criticized the current Biden administration’s “uncontrolled regulatory campaign through sanctions,” claiming that it undermines the US’s competitiveness in the global cryptocurrency market. Powell specifically highlighted Senator Elizabeth Warren and the chairman of the US Securities and Exchange Commission, Gary Gensler, as major opponents of the cryptocurrency industry. Visit NEWSLINKER for the latest technology news.
Powell’s history with Kraken includes various legal challenges with the US government, such as a fine imposed by the Department of Justice in 2022 for allowing users from sanctioned countries like Iran, Cuba, and Syria to trade on the platform. Despite stepping down as CEO in 2022, Powell continues to actively collaborate with Kraken as a member of its board.
What support has Trump received?
Trump has recently publicly expressed support for blockchain and cryptocurrencies, gaining significant support within the cryptocurrency community. He has accepted donations in various cryptocurrencies and has expressed support for cryptocurrencies and Bitcoin mining in multiple speeches. This stance has earned him support from influential figures such as the Winklevoss twins and Katie Wood, the CEO of Ark Investment, who publicly stated their intent to vote for him based on Trump’s economic policies.
Key points
Key points from stakeholders:
Jesse Powell’s $1 million donation will primarily be used for Ethereum (ETH). Powell criticized the Biden administration for hindering the competitiveness of the US cryptocurrency market. Despite facing legal challenges, Powell remains actively involved with Kraken. Trump has publicly supported blockchain and cryptocurrencies, attracting strong support from the crypto community. Biden’s stance on cryptocurrencies remains unclear, with indications that he is seeking industry guidance.
The latest developments in the US presidential campaign, particularly the growing momentum of Trump after the first presidential debate, have sparked speculation that Biden may not be reelected. Notably, the prediction platform Polymarket shows that 62% of users bet on Trump winning in the upcoming election.
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Disclaimer: This article contains information that does not constitute investment advice. Investors should be aware of the high volatility of cryptocurrencies, which entails risks, and should conduct their own research.
