Jesse Powell, the founder of Kraken, made a substantial donation of $1 million in Ethereum to the campaign of former US President Donald Trump. This action highlights the increasing backing that Trump is receiving from the blockchain and cryptocurrency sectors.

Powell expressed confidence in supporting the presidential candidate who is aligned with the crypto industry in the 2024 elections. He criticized the Biden administration for its regulatory approach, citing a 'campaign of unchecked regulation by enforcement' that threatens the competitiveness of the US in the global crypto market.

Notable figures such as Senator Elizabeth Warren and SEC Chair Gary Gensler have been singled out by Powell as critics of the cryptocurrency industry. In contrast, Trump has garnered support in the industry by endorsing cryptocurrencies openly, accepting campaign contributions in various digital assets, and advocating for bitcoin mining.

Prominent crypto advocates like Cathie Wood, the CEO of Ark Invest, and the Winklevoss twins, founders of Gemini, have also lent their support to Trump. While Trump's stance on cryptocurrencies is clear, President Joe Biden has yet to take a definitive position on digital assets.

Reports suggest that the Biden campaign is exploring the acceptance of cryptocurrency donations through Coinbase Commerce. The recent presidential debate on CNN between Biden and Trump did not touch upon blockchain or cryptocurrency issues, but it has spurred discussions within the crypto community about Biden's reelection prospects in 2024.

The increasing support for Trump among cryptocurrency enthusiasts underscores the pivotal role that digital assets could play in shaping the election outcome.