Kraken founder Jesse Powell said he donated $1 million, mainly Ethereum, to support former US President Donald Trumps re-election bid.
In a June 28 statement, Powell explained that the donation was meant to help the US maintain its leadership in blockchain technology. He said:
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.
Powells social media post also included a #freeross hashtag about Ross Ulbricht, the convicted founder of the darknet marketplace Silk Road. Interestingly, Former President Trump has vowed to pardon Ulbricht if he returns to office.
Slams Biden
Meanwhile, the Kraken founder criticized President Joe Bidens approach to the emerging industry.
According to Powell, Bidens administration has allowed a campaign of unchecked regulation by enforcement to thrive, impacting US competitiveness in the global space. He stated:
For too long, the crypto industry has been under attack by Elizabeth Warren, Gary Gensler and others. Despite overwhelming bipartisan Congressional efforts to put clear rules in place, the Biden White House has stood by and allowed a campaign of unchecked regulation by enforcement.
Trumps re-election chances
Powell is the latest notable figure from the crypto industry to endorse Trump publicly.
The former President has recently taken a more favorable stance toward crypto, pledging to support the industry and end the Biden administrations war on crypto if elected.
These actions seem to be boosting Trumps re-election efforts. Polymarket, a popular crypto-based prediction platform, shows his chances rising to about 65% after the first presidential debate of the 2024 election season. Meanwhile, Bidens chances of exiting the race have spiked to 43%.
Macroeconomics outlet the Kobeissi Letter stated:
The odds of President Biden winning the 2024 Democratic nomination are down by 24% in 2 HOURS. Prior to the debate, markets saw an 86% chance that Biden would win the nomination. Now, theres a 38% chance that he WONT be nominated as the Democratic candidate.