Jesse Powell, co-founder of Kraken, announced on X that he donated $1 million, mainly in Ether, to Donald Trump’s 2024 presidential campaign. Powell supports Trump as the only major candidate advocating for pro-crypto policies.
Powell’s Support for Pro-Crypto Policies
Powell expressed excitement about supporting Trump, emphasizing the need for the U.S. to lead in blockchain technology. He criticized President Joe Biden’s regulatory stance on the crypto industry, highlighting the negative impact of officials like Senator Elizabeth Warren and SEC Chair Gary Gensler. Powell believes these figures have hindered U.S. competitiveness in the crypto sector.
Powell’s post included a photo with Trump and the hashtag #freeross, referencing Ross Ulbricht. Ulbricht is serving a life sentence for creating the online black market Silk Road. Powell and others in the crypto community see Trump’s pro-crypto stance as a significant advantage.
Industry Reactions and Optimism
Rudy De La Cruz, a partner at BasedVC, mentioned a sense of optimism within the crypto industry. He noted that support from organizations and wealthy entrepreneurs for pro-crypto candidates is not surprising. According to a Grayscale survey, crypto regulation is a concern for many Americans, though opinions are divided.
Furthermore, Powell’s endorsement aligns with a broader trend of crypto industry leaders rallying behind candidates who support blockchain technology. His donation underscores the importance of the 2024 election for the future of crypto regulation in the U.S.
Ross Ulbricht’s Case and RFK Jr.’s Promise
The post also referenced Ross Ulbricht, who received a life sentence for running Silk Road. On June 20, presidential candidate Robert F. Kennedy Jr. promised to free Ulbricht if elected, criticizing the harshness of his sentence. RFK Jr. pledged to sign a petition for Ulbricht’s release and encouraged others to do the same, adding another layer to the pro-crypto political discourse.
Image from Flickr
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