Kraken founder Jesse Powell said he has donated $1 million, mostly Ethereum, to support former US President Donald Trump’s re-election bid.
In a June 28 statement, Powell explained that the donation was intended to help the US maintain its leadership in blockchain technology. He said:
“I am excited to join other leaders from our community in uniting behind the only pro-crypto major party candidate in the 2024 presidential election so that the United States can continue to be a leader in blockchain technology.”
Powell’s social media post also included a “#freeross” hashtag about Ross Ulbricht, the convicted founder of the darknet marketplace Silk Road. Interestingly, former President Trump has vowed to pardon Ulbricht if he returns to office.
Hits Biden
Meanwhile, the Kraken founder criticized President Joe Biden’s approach to the emerging industry.
According to Powell, the Biden administration has allowed a “campaign of unchecked regulation by enforcement” to flourish, which has impacted U.S. competitiveness in the global space. He declared:
“For too long, the crypto industry has been under attack by Elizabeth Warren, Gary Gensler and others. Despite the overwhelming efforts of Congress to enact clear rules, the Biden White House has stood firm and allowed a campaign of unchecked regulation through enforcement.”
Trump’s re-election chances
Powell is the latest notable crypto industry figure to publicly support Trump.
The former president has recently taken a more favorable stance toward crypto, promising to support the industry and end the Biden administration’s “war on crypto” if he is elected.
These actions appear to boost Trump’s reelection efforts. Polymarket, a popular cryptocurrency-based prediction platform, shows its odds rising to around 65% after the first presidential debate of the 2024 election season. Meanwhile, Biden’s chances of exiting the race have risen to 43%.
Macroeconomics exhausts the Kobeissi letter declared:
“The odds of President Biden winning the 2024 Democratic nomination have fallen 24% in two hours. Ahead of the debate, markets saw an 86% chance that Biden would win the nomination. Now there is a 38% chance that he will NOT be nominated as the Democratic candidate.”