Regulation
Kraken co-founder donates $1 million in ETH to Donald Trump
Jesse Powell, co-founder and president of cryptocurrency exchange Kraken, has donated $1 million in digital assets to pro-crypto candidate Donald Trump’s US presidential campaign.
On a Friday tweetPowell revealed that the donation was mostly in ether (ETH). The Kraken founder has now publicly declared his support for Trump due to his favorable views on the cryptocurrency industry.
“I am thrilled to join other leaders in our community in rallying behind the only major party pro-crypto candidate in the 2024 presidential election so that the United States can continue to lead the way in blockchain technology,” Powell said.
Powell donates $1 million to Trump
According to Powell, US leaders such as Senator Elizabeth Warren and Gary Gensler, chairman of the Securities and Exchange Commission (SEC), have waged war on the local cryptocurrency industry for too long.
Senator Warren is a well-known cryptocurrency critic who has made several moves to introduce tough legislation to regulate the cryptocurrency industry in the United States.
Last year, Warren introduced the Digital Asset Anti-Money Laundering Act, which aims to implement strict anti-money laundering and terrorist financing measures in the cryptocurrency sector. If passed, the bill will extend the responsibilities of the Bank Secrecy Act (BSA), including KYC requirements, to crypto network participants such as wallet providers, miners, and validators.
On the other hand, Gensler’s SEC has sued several crypto entities, including exchanges and infrastructure providers, accusing them of offering unregistered securities. Companies like Coinbase, Binance, Ripple, and even Kraken’s parent company, Payward Ventures, have all been dragged to court for their alleged securities violations.
The Kraken co-founder said the Biden administration has allowed an “uncontrolled enforcement campaign” of the cryptocurrency industry despite bipartisan efforts in Congress to create clear rules for the sector. He insisted that such an approach reduces the competitiveness of the United States since other major economies have clear laws on cryptocurrencies.
Trump’s position on cryptocurrencies
Powell’s views echo those of Tyler and Cameron Winklevoss, the co-founders of cryptocurrency exchange Gemini, who have also donated $1 million in bitcoin each to Trump’s campaign. They believe that Trump’s victory in the next election could put an end to the current administration’s excess and hostility towards the cryptocurrency industry.
Meanwhile, Trump has promised protect Bitcoin from Senator Warren and other critics and never allow the creation of a central bank digital currency (CBDC) in the United States