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Jesse Powell, co-founder and CEO of the Kraken cryptocurrency exchange, has donated $1 million to Donald Trump’s Republican presidential campaign. The donation was made in Ethereum (ETH), one of the cryptocurrencies that Trump has begun accepting as campaign donations.

Powell announced his donation to Trump this Friday (28) through his X account. The founder of Kraken cited the need for pro-cryptocurrency leadership in the United States and criticized several Democratic party politicians.

“For too long, the industry has been under attack from Elizabeth Warren, Gary Gensler and others. Despite overwhelming efforts by Congress to establish clear rules, the Biden White House has remained indifferent and allowed an unbridled regulatory campaign,” criticized Powell.

Jesse Powell supports Donald Trump

In disclosing his donation, Powell expressed his displeasure with the current US administration’s approach to cryptocurrency regulation. The Kraken founder cited that innovation has fled the US as a result of the Biden administration’s policies.

Powell also noted that the current administration failed to create clear regulations for the sector, which caused the US to lose market share to other countries. But he also criticized congressmen, especially Democratic Senator Elizabeth Warren, one of the main opponents of cryptocurrencies.

In addition to the presidential election, part of the US Congress will be renewed in 2024. And Warren’s main competitor is pro-XRP lawyer John Deaton, who has already defended Ripple in lawsuits against the US Securities and Exchange Commission (SEC).

On the other hand, Powell also criticized the chairman of the US SEC, Gary Gensler, who the market accuses of having an anti-cryptocurrency stance. The Kraken chairman holds the SEC jointly responsible for the US falling behind in the global race for leadership in blockchain technology.

Meanwhile, Jesse Powell’s decision to financially support Trump stems from his belief that the president’s pro-crypto shift is genuine. In this sense, Powell sees Donald Trump as the only major party candidate with a favorable stance toward digital assets.

In addition to Powell, the Winklevoss brothers, founders of the Gemini exchange, donated $2 million in Bitcoin (BTC) to Trump’s campaign last week.

Trump changes his stance

Jesse Powell’s donation underscores a growing alignment between cryptocurrency advocates and Trump’s 2024 campaign. Trump’s recent comments and pro-crypto stance reflect a shift from his anti-crypto stance through 2019.

Earlier in a statement, Trump said he was “positive and open-minded” toward cryptocurrency companies and emphasized the importance of U.S. leadership in the field. The Republican candidate even said he would bring BTC production entirely to the U.S.

Additionally, he also suggested that he would grant a pardon to Silk Road founder Ross Ulbricht, a decision that has garnered mixed reactions from the community. Trump’s commitment to commute Ulbricht’s life sentence to “time served,” freeing Ulbricht, aligns with his narrative of supporting crypto innovation.

This fact also piqued Powell’s interest, who added the hashtag “#freeross” to the end of his post.

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