Powell contributes 1 million to Trumps campaign for unity

The founder of the crypto exchange, Kraken, has criticized the Biden administration’s approach to regulating the crypto market, saying that it is hindering U.S. competitiveness. Jesse Powell, who has a long history of battles with the U.S. Securities and Exchange Commission (SEC), donated $1 million in Ethereum to former President Donald Trump’s campaign. Powell’s decision was driven by a hawkish attitude towards the crypto industry from Democrat Elizabeth Warren and SEC Chair Gary Gensler. Kraken settled with the SEC for $30 million in 2023 over an unregistered securities feature, but was later sued for allegedly operating an unregistered trading platform. Powell is the latest crypto executive to back Trump, with the founders of Gemini crypto exchange also donating $1 million in Bitcoin to his campaign.