Jesse Powell, the founder of the Kraken cryptocurrency exchange, announced on X today that he has donated $1 million to former U.S. President Donald Trump’s campaign. In his announcement, Powell expressed his enthusiasm for supporting Trump, stating, “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 so the United States can continue to remain a leader in blockchain technology.” The donation, primarily consisting of ether, reflects Powell's commitment to the cause.

Powell's statement criticized the current administration, claiming that President Biden has allowed a “campaign of unchecked regulation by enforcement” that is diminishing the U.S. competitiveness in regulating crypto assets. He pointed to figures like Senator Elizabeth Warren and SEC Chair Gary Gensler as significant opponents of the crypto industry.

Jesse Powell's tenure as CEO of Kraken, the cryptocurrency exchange he co-founded in 2011, was marked by numerous legal challenges with the U.S. government. In 2022, the Department of Justice fined Kraken for violating sanctions by enabling users in Iran, Cuba, and Syria to trade on its platform. Additionally, Kraken faced a legal dispute with the IRS over a summons demanding transaction data. Although Powell stepped down as CEO in 2022, he continues to serve as chairman of the board.

Recently, Donald Trump has shown strong support for the blockchain and crypto industry. Last month, he began accepting campaign donations in various cryptocurrencies and has made several speeches endorsing digital assets and bitcoin mining. This stance has garnered him support from prominent figures in the crypto field, including Gemini founders Cameron and Tyler Winklevoss and Ark Invest CEO Cathie Wood. Wood, speaking at a conference last week, announced her intention to vote for Trump, citing the future of the U.S. economy as her primary concern.

In contrast, U.S. President Joe Biden has yet to provide a clear stance on cryptocurrencies since Trump's public endorsement of the sector. Nonetheless, The Block reported last month that the Biden campaign was in talks with local crypto industry members for guidance on policy. Additionally, earlier this month, it was revealed that the Biden campaign is considering accepting crypto donations via Coinbase Commerce.

On Thursday night, Biden and Trump participated in their first presidential debate since 2020, hosted by CNN. While the topic of blockchain and cryptocurrency was not addressed during the debate, it sparked an increase in calls for Biden to withdraw from the 2024 race. According to The Guardian, users on the prediction market platform Polymarket are currently betting 62% in favor of Trump winning the upcoming U.S. presidential election.