Kraken co-founder backs Trump with $1M donation

Kraken co-founder Jesse Powell has announced his support for Donald Trump’s 2024 presidential campaign by donating $1 million. This bold move sustains Powell’s personal beliefs and draws parallels with Geminis Winklevoss twins, who also donated the same amount last week.

Powell shared this on June 28 via X post, highlighting issues faced by the crypto industry under the Biden administration. He strongly called out Elizabeth Warren, Gary Gensler, and others for their extreme actions toward the crypto sector despite ongoing bipartisan efforts to define clear regulatory standards.

I just personally donated $1m (mostly #ETH) to @realDonaldTrump.

For too long, the crypto industry has been under attack by Elizabeth Warren, Gary Gensler and others. Despite overwhelming bipartisan Congressional efforts to put clear rules in place, the Biden White House has… pic.twitter.com/Ksxf3P2oCb
— Jesse Powell (@jespow) June 28, 2024

The donation mostly in Ethereum (ETH) shows Powells focus on the United States imperative to maintain its leadership in blockchain technology. This positioning casts Trump as the exclusive major party candidate advocating for cryptocurrencies in the upcoming election.

Kraken CEO Highlights Bipartisan Support for Crypto

Kraken CEO Dave Ripley, in a recent CNBC interview, noted a shift in the Biden administration’s approach toward crypt. Ripley highlighted the bipartisan endorsement by passing the Financial Innovation and Technology for the 21st Century Act (FIT21), signaling a positive response.

Ripley also personally commented on Trump’s changing approach towards cryptocurrencies. The ex president who previously criticized Bitcoin (BTC) as a scam has recently shown his support for the crypto market and even revealed an NFT collection in April 2023. Ripley suggested that Trump might be embarking on a valuable learning journey regarding digital assets.

Winklevoss Twins’ $1M Bitcoin donations

The Bitcoin donations from the Winklevoss twins on June 20th evoked strong personal beliefs. Tyler Winklevoss criticized the Biden administration for allegedly using government bodies against the crypto industry, while Cameron endorsed Trump as the ideal choice for both Bitcoin and business sectors.

I just donated $1 million in bitcoin (15.47 BTC) to @realDonaldTrump and will be voting for him in November. Here’s why:

Over the past few years, the Biden Administration has openly declared war against crypto. It has weaponized multiple government agencies to bully, harass, and… pic.twitter.com/qOQSpmanBR
— Tyler Winklevoss (@tyler) June 20, 2024

Moreover, Tyler Winklevoss strongly criticized the Biden Administration’s stance on cryptocurrencies, labeling it a war against crypto. His main concerns centered around using the banking system against crypto companies, such as Operation Choke Point 2.0.

However, the notable support emerging from influential figures signifies an increasing bond between the crypto realm and Trump’s campaign. They are dissatisfied with the current regulatory climate and strongly believe that a shift in leadership could pave the way for industry progress.