Regulation
Kraken’s Powell donates $1M to Trump to unite behind ‘only pro-crypto’ candidate
The founder of cryptocurrency exchange Kraken says the Biden administration’s approach “diminishes America’s competitiveness” in the cryptocurrency market.
Jesse Powell, the founder and former CEO of the cryptocurrency exchange Krakendonated $1 million in Ethereum (ETH) to the former president Donald Trump as the presidential elections approach. In a June 28 article on X, Powell suggested that his decision was motivated by a hawkish attitude on the part of Democrats toward the industry. Elizabeth Warren and the United States Securities and Exchange Commission (SECOND) President Gary Gensler.
I just made a personal donation of $1 million (mostly #ETH) has @realDonaldTrump.
For too long, the crypto industry has been under attack from Elizabeth Warren, Gary Gensler and others. Despite massive bipartisan efforts by Congress to put in place clear rules, the Biden White House has… pic.twitter.com/Ksxf3P2oCb
— Jesse Powell (@jespow) June 28, 2024
The Kraken founder also pointed out that President Joe Biden’s administration “has enabled an unchecked regulatory campaign through enforcement,” adding that this approach “diminishes the competitiveness of the United States as other major economies around the world advance clear rules to regulate digital assets.”
“I am excited to join other leaders in our community to unite behind the only pro-crypto major party candidate in the 2024 presidential election so that the United States can continue to remain a leader in blockchain technology.”
Jesse Powell
Kraken and the SEC have a long history of bitter battles amid the ambiguous crypto regulatory framework in the United States. As of February 2023, Kraken ruler filed with the SEC for $30 million over a staking feature offered to customers, which the SEC deemed unregistered securities.
Despite this settlement, in November 2023, the SEC sued Kraken’s parent companies, Payward and Payward Ventures, for allegedly operating an unregistered online trading platform. The lawsuit alleges that Kraken has been operating illegally since 2018 as a securities exchange, broker, trader and clearing agency, earning hundreds of millions of dollars.
The SEC also claims that Kraken could commingle its clients’ funds with its assets, which could result in losses on both sides. The trial is still ongoing.
Jesse Powell is the latest crypto executive to endorse the Republican presidential candidate. Tyler and Cameron Winklevoss, founders of crypto exchange Gemini, have also each donated $1 million in Bitcoin (BTC) to Donald Trump and pledged to vote for him in November.