Jesse Powell, co-founder of the cryptocurrency exchange Kraken, has made a significant political contribution by donating $1 million in ether (ETH) to Donald Trump’s 2024 presidential campaign.

Powell announced his donation on his X (formerly Twitter) account, emphasizing his support for the only major party candidate advocating for the crypto industry. “I am excited to join other leaders from our community to unite behind the only pro-crypto major party candidate in the 2024 Presidential election,” Powell stated.

Jesse Powell donated $1M to Donald Trump!

-> Kraken's founder announced his support for the former US President, claiming his campaign donation consisted mostly of $ETH
-> According to @jespow, Trump is the only pro-crypto major party candidate in the 2024 Presidential election pic.twitter.com/7GBHXphXk3

— CryptoPotato Official (@Crypto_Potato) June 28, 2024

Pro-Crypto Stance of Donald Trump

Donald Trump has emerged as a notable pro-crypto candidate in the 2024 election cycle. He has openly accepted cryptocurrency donations and has expressed his vision for the United States to lead the global crypto market.

🚨Paid Opposition is Peaking – Be Mindful
Coordinated Efforts to Dissuade Support for Donald Trump on Social Media
As the 2024 Presidential race heats up, a concerted effort has emerged on social media, involving individuals paid to oppose Donald Trump and sway public opinion… pic.twitter.com/Q8L3qtinCJ

— Observing Consciousness (@holonabove) June 2, 2024

Trump has called for all Bitcoin to be mined within the U.S., aiming to position the country at the forefront of the cryptocurrency industry. Despite his vocal support, Trump has not yet proposed specific policies regarding cryptocurrency regulation or development.

The topic was notably absent from his first presidential debate against President Joe Biden, despite interest from the crypto community.

Growing Support from the Crypto Community

Powell is not the only prominent figure in the cryptocurrency world to back Trump’s campaign. The Winklevoss twins, founders of the Gemini exchange, have also donated to Trump, with each contributing $1 million.

Some of their donations were reportedly refunded to comply with campaign donation limits. This collective support from key players in the crypto industry underscores a strategic alignment with Trump’s pro-crypto stance.

The involvement of influential crypto personalities like Powell and the Winklevoss twins highlights the growing intersection between cryptocurrency and politics. Their financial contributions are aimed at bolstering a candidate who they believe will champion the interests of the crypto community.

As the 2024 election approaches, the impact of these donations and Trump’s position on cryptocurrency will be closely watched by both political analysts and the crypto industry.

In summary, Jesse Powell’s substantial donation to Donald Trump’s campaign reflects a broader trend of the crypto industry seeking political allies who support its growth and integration into the mainstream economy.

This move signals a proactive effort by crypto leaders to influence the political landscape in favour of digital currencies.