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Jesse Powell, co-founder of Kraken, announced a personal donation of $1 million, primarily in Ethereum, to Donald Trump's 2024 presidential campaign.
Powell expressed his support for Trump as the sole major party candidate advocating for crypto-friendly policies in the upcoming election.
“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,” Powell stated.
In his post, Powell criticized the Biden administration’s regulatory stance on the crypto industry, singling out figures like Senator Elizabeth Warren and SEC Chair Gary Gensler for what he perceives as policies that undermine U.S. competitiveness.
READ MORE: Rising Bipartisan Support for Cryptocurrency in US Government
The donation announcement, featuring a photo of Powell with Trump, also included the hashtag #freeross, referencing Ross Ulbricht. Ulbricht received a life sentence plus 40 years in 2015 for founding Silk Road, an online marketplace for anonymous transactions.
U.S. presidential candidate Robert F. Kennedy Jr. recently pledged to pardon Ulbricht if elected in November, citing excessive punishment for hosting an e-commerce platform that facilitated illegal activities.