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Kraken Exchange Founder Donates $1 Million
Trump and Biden
Jesse Powell, the founder of the Kraken cryptocurrency exchange, announced today on X that he has donated $1 million to the presidential campaign of Donald Trump.
In his, Jesse Powell criticized the Biden administration’s lack of action against the oppression faced by the industry and expressed his support for Trump to ensure that the United States can continue to maintain a leading position in blockchain technology:
“I am excited to join other leaders in our in the only major party candidate for president in 2024 who supports cryptocurrencies, so that America can continue to maintain its leading position in blockchain.”
Jesse Powell added that this $1 million donation is primarily composed of Ether.
Jesse Powell’s tenure as CEO of Kraken, there have been several legal disputes with the government. In 2022, it was fined by the Department of Justice for allowing users from Iran, Cuba, and Syria to trade on its platform in violation of sanctions. The exchange also faced legal disputes with the Internal Revenue Service.
Last month, Trump began accepting donations from various cryptocurrencies and made multiple speeches embracing digital assets and Bitcoin mining. These actions have garnered support from industry figures who are bullish on cryptocurrency. For example, Gemini founders Cameron and Tyler Winklevoss as well as Ark Invest CEO Cathie Wood. Last week at a conference, Cathie Wood stated that considering future prospects for the US economy she plans to vote for Trump.
Meanwhile since publicly endorsing this industry President Biden has yet to clearly articulate his stance on cryptocurrencies. However recently there seems to be some action from Biden’s campaign team: apart from seeking donations through Coinbase Commerce they have recently hired Keisha Lance Bottoms—a member of Coinbase’s advisory committee—as a senior advisor for 2024 election.
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