Jesse Powell, the founder of Kraken, made headlines when he announced a $1 million donation, mainly in Ethereum, to support former US President Donald Trump’s re-election bid. Powell’s main reasoning behind this donation was to help the US maintain its leadership in blockchain technology. He emphasized the importance of supporting the only pro-crypto major party candidate in the 2024 Presidential election to ensure that the United States continues to be a leader in the blockchain industry.
In addition to his support for Trump, Powell also criticized President Joe Biden’s approach to the emerging crypto industry. He expressed concerns about the administration allowing a campaign of unchecked regulation, particularly citing individuals like Elizabeth Warren and Gary Gensler as threats to the industry. Powell believes that the lack of clear rules from the Biden White House has impacted US competitiveness in the global blockchain space.
Powell is among the latest notable figures from the crypto industry to publicly endorse Trump. The former President has shown a more favorable stance towards crypto, promising to support the industry and end what he refers to as the Biden administration’s “war on crypto” if re-elected. This shift in support has resulted in a boost to Trump’s re-election efforts, with his chances rising to about 65% after the first presidential debate of the 2024 election season.
Following Powell’s donation and public endorsement, predictions for the 2024 election have seen a significant shift. Polymarket, a popular crypto-based prediction platform, has shown an increase in Trump’s chances of re-election to 65%, while Biden’s chances of securing the Democratic nomination have decreased to 43%. The Kobeissi Letter, a macroeconomics outlet, noted a rapid decline in the odds of President Biden winning the nomination post-debate.
Jesse Powell’s donation to Trump’s re-election campaign and his vocal criticism of the Biden administration’s approach to the crypto industry have sparked a conversation within the blockchain community. The impact of Powell’s actions on the 2024 election predictions highlights the influence of key figures in the industry on the political landscape. The ongoing support for Trump from prominent individuals like Powell signals a potential shift in the political dynamics surrounding blockchain technology and its regulation in the United States.
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