The co-founder of Kraken, Jesse Powell, has made a substantial donation of $1 million, primarily in Ethereum, to show support for Donald Trump's presidential campaign. Powell's gesture indicates his alignment with Trump's favorable position towards cryptocurrency. He has expressed discontent with the regulatory framework imposed by the Biden administration, particularly criticizing figures like Elizabeth Warren and Gary Gensler for their stringent policies targeting the crypto industry.

Powell's critique of the Biden government highlights his concern that excessive regulations are adversely affecting the competitiveness of the United States in the global digital assets market. He lamented the lack of clear regulations despite bipartisan efforts in Congress and accused the Biden White House of passively allowing rigorous enforcement-based regulation to prevail.

This donation by Powell mirrors a similar move by the founders of Gemini, Cameron, and Tyler Winklevoss, who also donated $1 million in Bitcoin each to Trump's campaign. The support for Trump in the crypto community extends further with influential figures like Ark Invest CEO, Cathie Wood, expressing her backing for Trump. Wood, in a recent interview, disclosed her intention to vote for Trump, citing him as the preferred candidate for the country's economy.