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Jesse Powell, the founder of Kraken, announced a $1 million donation to Donald Trump's campaign, citing Trump's recent pro-crypto stance.
What's the scoop?
- Criticism of Biden Administration: Like the Winklevoss brothers, Powell criticized the Biden administration for regulatory enforcement against the industry, citing figures like Senator Elizabeth Warren and SEC Chair Gary Gensler as adversaries.
- Kraken's Legal Issues: Under Powell,
Kraken faced legal troubles, including fines for sanctions violations and disputes with the IRS.
Bankless Take:
Spurred by Trump's vocal support for 
Bitcoin and crypto, Powell joins other industry figures like the Winklevoss twins, Cathie Wood, David Bailey, and Ryan Selkis, who are rallying behind the former president. With the race heating up, especially after last night’s debate, we can expect to see more industry figures make their allegiances known.
I just personally donated $1m (mostly #ETH) to @realDonaldTrump.
— Jesse Powell (@jespow) June 28, 2024
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… pic.twitter.com/Ksxf3P2oCb
