Kraken founder Jesse Powell made headlines when he announced a $1 million donation, predominantly in Ethereum, to support former US President Donald Trump’s re-election bid. Powell justified his donation by stating that it was intended to help the US maintain its leadership in blockchain technology. He expressed his excitement about backing the “only pro-crypto major party candidate” in the 2024 Presidential election, emphasizing the importance of the United States remaining a frontrunner in blockchain technology.
In addition to supporting Trump, Powell also criticized President Joe Biden’s administration for its handling of the crypto industry. He accused Biden of allowing “a campaign of unchecked regulation by enforcement” to flourish, which has adversely impacted US competitiveness in the global space. Powell pointed fingers at individuals like Elizabeth Warren and Gary Gensler, as well as the Biden White House, for failing to establish clear rules for the crypto industry despite bipartisan efforts from Congress.
Powell’s social media post accompanying his donation announcement also included a “#freeross” hashtag in reference to Ross Ulbricht, the convicted founder of Silk Road. Notably, Trump has promised to pardon Ulbricht if he wins re-election, raising eyebrows within the crypto community. The association between the donation, the #freeross hashtag, and the broader political implications of supporting Trump have sparked significant debate and speculation within the industry.
Powell’s public endorsement of Trump and criticism of Biden’s administration are reflective of a larger trend within the crypto industry. Several prominent figures from the crypto community have publicly supported Trump, citing his favorable stance toward the industry and his promises to end the perceived “war on crypto” led by the Biden administration. These endorsements and criticisms have had a tangible impact on the upcoming election, with Trump’s re-election chances reportedly rising after the first presidential debate of the 2024 election season.
Accompanying Powell’s donation and public statements, crypto-based prediction platforms like Polymarket have recorded shifts in the odds of Trump and Biden winning the 2024 Presidential election. Trump’s chances have reportedly increased to around 65%, while Biden’s chances of securing the Democratic nomination have decreased significantly. The swift market reaction to Powell’s actions underscores the influence of key figures within the crypto industry on political outcomes and broader market dynamics.
Jesse Powell’s donation to Trump’s re-election bid and his subsequent criticisms of the Biden administration have sparked controversy and debate within the crypto community. The intersection of politics and blockchain technology continues to be a contentious issue, with significant implications for the future of the industry and its regulatory landscape.
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