Kraken founder Jesse Powell announced on June 28 that he donated $1 million, primarily in Ethereum, to support former US President Donald Trump's re-election campaign. Powell clarified that the donation aimed to bolster the US position as a leader in blockchain technology, aligning with what he described as the only major party candidate supportive of cryptocurrencies in the 2024 Presidential election.

In addition to supporting Trump, Powell used the hashtag "#freeross" in his social media post, advocating for the pardon of Ross Ulbricht, the convicted founder of Silk Road, should Trump return to office, as Trump has promised.

Powell also criticized President Joe Biden's administration for what he characterized as an overly stringent regulatory approach to the crypto industry. He accused the administration of allowing a "campaign of unchecked regulation by enforcement" to hinder US competitiveness globally.

Powell's endorsement of Trump reflects a broader trend among crypto industry leaders favoring Trump's more favorable stance on crypto issues compared to Biden's policies. This support appears to be boosting Trump's prospects for re-election, with prediction markets like Polymarket showing an increase in Trump's chances and a corresponding decrease in Biden's after the first presidential debate of the 2024 election season.