Kraken founder Jesse Powell made headlines recently after donating $1 million, primarily in Ethereum, to support former US President Donald Trump’s re-election bid. Powell stated that the donation was intended to help the US maintain its leadership position in blockchain technology. His decision to support Trump, who has shown a more favorable stance towards crypto, has sparked conversations within the cryptocurrency community.
In his statement, Powell criticized President Joe Biden’s administration for its regulatory stance on the crypto industry. He highlighted that the administration’s approach of “unchecked regulation by enforcement” has hindered US competitiveness in the global blockchain space. Powell specifically called out prominent figures such as Elizabeth Warren and Gary Gensler for their anti-crypto sentiments and emphasized the need for clear regulations to support the industry’s growth.
The #freeross Campaign and Trump’s Pardon Promise
Powell’s social media post also included a “#freeross” hashtag, referring to Ross Ulbricht, the convicted founder of the darknet marketplace Silk Road. Interestingly, Trump has pledged to pardon Ulbricht if he is re-elected, further aligning himself with the crypto community’s interests. This promise, along with Trump’s recent supportive statements on crypto, has led to increased backing from key figures in the industry and a rise in his re-election chances.
The support from individuals like Jesse Powell has significantly impacted the dynamics of the 2024 Presidential election. Crypto-based prediction platforms, such as Polymarket, have shown an increase in Trump’s re-election chances, while Biden’s prospects have taken a hit. The rapid shifts in the odds reflect the growing influence of the crypto industry in shaping political outcomes and policy decisions.
Jesse Powell’s donation and public endorsement of Trump’s re-election bid signal a turning point in the relationship between the crypto community and US politics. The push for clearer regulations and a more supportive regulatory environment has become a focal point for industry leaders like Powell. As the 2024 Presidential election approaches, the intersection of blockchain technology, political advocacy, and financial interests will continue to define the landscape of US politics.