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The founder of crypto exchange Kraken says the Biden administration’s approach is “diminishing U.S. competitiveness” in the crypto market.
Jesse Powell, the founder and former chief executive of crypto exchange <a href="https://crypto.news/tag/kraken/" target="_blank" rel="noopener noreferrer nofollow">Kraken</a>, has donated $1 million in Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank" rel="noopener noreferrer nofollow">ETH</a>) to former President <a href="https://crypto.news/tag/donald-trump/" target="_blank" rel="noopener noreferrer nofollow">Donald Trump</a> as presidential elections approach. In a Jun. 28 post on X, Powell implied his decision was driven in response to a hawkish attitude against the industry from Dem. Elizabeth Warren, and U.S. Securities and Exchange Commission (<a href="https://crypto.news/tag/sec/" target="_blank" rel="noopener noreferrer nofollow">SEC</a>) Chair Gary Gensler.
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 I just personally donated $1m (mostly <a href="https://twitter.com/hashtag/ETH?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#ETH</a>) to <a href="https://twitter.com/realDonaldTrump?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@realDonaldTrump</a>. 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… <a href="https://t.co/Ksxf3P2oCb" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/Ksxf3P2oCb</a>— Jesse Powell (@jespow) <a href="https://twitter.com/jespow/status/1806569144294556146?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">June 28, 2024</a>
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The Kraken founder also emphasized that President Joe Biden’s administration “allowed a campaign of unchecked regulation by enforcement,” adding that this approach is “diminishing U.S. competitiveness as other major economies around the world advance clear rules to regulate digital assets.”
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 “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.”
 Jesse Powell
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Kraken and the SEC have a long history of fierce battles amid the ambiguous regulatory framework for crypto in the U.S. In February 2023, Kraken <a href="https://crypto.news/kraken-suspends-staking-sec-investigation-ongoing/" target="_blank" rel="noopener noreferrer nofollow">settled</a> with the SEC for $30 million over a staking feature offered to customers, which the SEC deemed as unregistered securities.
You might also like: <a href="https://crypto.news/can-the-crypto-industry-trust-donald-trump/" rel="noopener noreferrer nofollow"> Can the crypto industry trust Donald Trump? </a>
Despite this settlement, in November 2023, the SEC <a href="https://crypto.news/kraken-again-asks-to-dismiss-sec-lawsuit-citing-incorrect-wording/" target="_blank" rel="noopener noreferrer nofollow">sued</a> Kraken’s parent companies, Payward and Payward Ventures, for allegedly operating an unregistered online trading platform. The lawsuit alleges that Kraken has been operating illegally since 2018 as a securities exchange, broker, dealer, and clearing agency, earning hundreds of millions of dollars.
The SEC also claims that Kraken could mix its clients’ funds with its assets, potentially leading to losses on both sides. The court case is still pending.
Jesse Powell is the latest crypto executive to back the Republican presidential candidate. Tyler and Cameron Winklevoss, founders of the Gemini crypto exchange, have also each <a href="https://crypto.news/gemini-founders-donate-2m-in-bitcoin-to-support-trump/" target="_blank" rel="noopener noreferrer nofollow">donated $1 million</a> in Bitcoin (BTC) to Donald Trump and pledged to vote for him in November.
Read more: <a href="https://crypto.news/presidential-debate-may-clarify-crypto-regulatory-approach/" rel="noopener noreferrer nofollow"> Presidential debate may clarify crypto regulatory approach </a>

Kraken’s Powell donates $1m to Trump to unite behind ‘only pro-crypto’ candidate

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