Jesse Powell, the co-founder of the crypto exchange Kraken, revealed in an X post that he donated $1 million to Donald Trump 2024 presidential campaign. Powell further revealed that ETH tokens constituted most of the donation, mirroring the composition of Trump’s cryptocurrency portfolio, which also held ETH but notably excluded BTC.

Disclosing the reason behind his liberality, the Kraken co-founder said, “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.”

The former Kraken CEO mentioned that the Biden White House has been unfavorable to crypto with its “unchecked regulation by enforcement”. He cited Elizabeth Warren, Gary Gensler, and others as antagonists of the crypto industry.

Powell, with his $1 million donation joined the bandwagon of prominent donors supporting Trump’s presidential campaign. 

Last week, the founders of the New York-based cryptocurrency exchange and custodian, Gemini, also donated about $2 million in Bitcoin (30.94 BTC) to Trump’s 2024 presidential campaign. The Winklevoss twins, Tyler and Cameron, after revealing their donation disclosed their intention to vote for Trump in the upcoming U.S. presidential election.

Donald Trump ‘Pro-Crypto’ Image

Donald Trump, the former U.S. president who is now known to be the only pro-crypto major party candidate in the upcoming election has not always been supportive of the crypto space. At one time, Trump was skeptical of the asset, since it was not a physical currency like fiat.

However, his stance shifted noticeably when he revealed that he would accept crypto donations, in the form of BTC, ETH, US Dollar Coin, and meme coins in his presidential campaign. 

Trump also pointed out Joe Biden’s opposition to crypto and stated that his administration will create a favorable environment for crypto to grow. The true intentions behind the former president’s altered stance are still uncertain, leaving questions as to whether it is a calculated political tactic or a genuine change in perspective.

Meanwhile, recent developments suggest that President Biden may be reassessing his views on cryptocurrency, possibly signaling a change of heart similar to that of his predecessor. 

However, the crypto space remains uncertain as there was no mention of cryptocurrency during the first presidential debate between Trump and Biden on Thursday night.