The Crypto Community Unites: Powell Donates $1M to Trump
In a significant show of support for the pro-crypto candidate Donald Trump, co-founder of Kraken, Jesse Powell, has donated $1 million in digital assets to the United States presidential campaign.
- Powell made the donation in ether (ETH).
- He openly declared his support for Trump due to the candidate’s positive stance on the crypto industry.
- Powell expressed excitement in joining other leaders in the crypto community to back the only major party candidate in the 2024 Presidential election who is pro-crypto.
Challenges Faced by the Crypto Industry
Powell highlighted some of the challenges faced by the crypto industry in the United States from prominent figures such as Senator Elizabeth Warren and Gary Gensler, chairman of the SEC:
- Senator Warren has been vocal in her criticisms of cryptocurrency and has pushed for stringent regulations within the sector.
- She introduced legislation like the Digital Asset Anti-Money Laundering Act, which aims to enforce anti-money laundering regulations and measures to combat terrorism financing in the crypto industry.
Gensler’s SEC has also taken legal action against various crypto entities for offering unregistered securities:
- Popular exchanges and infrastructure providers, including Coinbase, Binance, Ripple, and Kraken’s parent company, Payward Ventures, have faced lawsuits for alleged securities violations.
- The Biden administration’s approach to the crypto industry has been characterized as a “campaign of unchecked regulation by enforcement,” despite efforts by Congress to establish clear regulations.
Trump’s Perspective on Crypto
Similar to Powell, other notable figures within the crypto industry like the Winklevoss twins have shown support for Trump:
- The Winklevoss twins, co-founders of Gemini Exchange, have each donated $1 million in bitcoin to Trump’s campaign.
- They believe that a Trump victory in the upcoming elections could potentially alleviate the current administration’s adversarial stance towards cryptocurrencies.
Trump himself has promised to safeguard Bitcoin from critics like Senator Warren and has vowed not to permit the issuance of a central bank digital currency (CBDC) in the United States.
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