Jesse Powell, co-founder of Kraken, announced a $1 million donation in cryptocurrency to bolster Donald Trump’s presidential campaign. The announcement comes after the first US presidential debate between Republican candidate Donald Trump and Democratic contender Joe Biden, where Trump’s stance on crypto-related issues has resonated positively among enthusiasts.
Despite the debate’s lack of focus on cryptocurrencies, Powell emphasized his commitment to Trump’s campaign through a significant donation, predominantly in Ethereum (ETH).
Powell linked his financial backing to Trump’s pledge to secure the release of Ross Ulbricht, the founder of Silk Road, from prison. He also advocated for a renewed approach to crypto regulation in the US, urging a shift away from current enforcement-heavy policies. Powell expressed optimism about rallying alongside other leaders within the cryptocurrency community to support Trump, positioning him as the sole major party candidate in the 2024 Presidential election who champions blockchain technology.
The broader cryptocurrency community has also shown significant political engagement, as evidenced by substantial donations to the FairShake super PAC. Notable contributions include Ripple’s $50 million and Coinbase Global Inc.’s $25 million, with the recent addition of $5 million from the Winklevoss brothers, collectively totaling around $160 million. With an estimated 50 million registered voters in the US crypto community, these contributions are expected to influence the upcoming elections.
In response to this support, the Trump campaign has accumulated over $14 million in various cryptocurrencies, including Ether, Polygon (MATIC), and Circle’s USDC stablecoins. Trump’s cryptocurrency portfolio, which now exceeds $30 million, underscores the growing financial backing from the digital asset sector.
