Kraken Founder Jesse Powell Donates IDR 16 Billion For Trump Campaign In Ethereum Form

Kraken founder Jesse Powell donated IDR 16 billion to Trump's campaign in the form of Ethereum (Photo; Doc. Coin Net)

JAKARTA - Jesse Powell, co-founder and CEO of Kraken, recently announced a donation of US$1 million (around Rp16.3 billion) in digital assets for the US presidential campaign of pro-crypto candidate Donald Trump.

In a tweet on Friday, June 28, Powell revealed that the donation was mostly ether (ETH). Powell publicly expressed his support for Trump because of his views in support of the crypto industry.

Quoted from Crypto Potato, Powell said I am very pleased to join other leaders from our community to unite in supporting the only pro-crypto big party candidate in the 2024 presidential election so that the United States remains a leader in blockchain technology.

Criticism of US Leaders of Anti-Crypto

Powell highlighted that US leaders such as Senators Elizabeth Warren and Gary Gensler, chairman of the Securities and Exchange Commission (SEC), have been battling the local crypto industry for too long. Senator Warren is known as a crypto critic who has sought to introduce strict legislation to regulate the crypto industry in the US.

Last year, Warren introduced the Anti-Digital Asset Money Laundering Act aimed at implementing strict anti-money laundering rules and anti-terrorism funding measures in the crypto sector. If approved, the law will expand the responsibility of the Bank Secretariat Act (BSA), including KYC requirements, to crypto network participants such as wallet providers, miners, and validators.

On the other hand, the SEC under the leadership of Gensler has sued several crypto entities, including exchanges and infrastructure providers, on charges of offering unregistered securities. Companies such as Coinbase, Binance, Ripple, and even the parent company Kraken, Payang Ventures, have been brought to court on suspicion of violating their securities.

Powell said that the Biden administration had allowed uncontrolled regulatory campaigns through enforcement on the crypto industry despite bipartisan efforts in Congress to create clear rules for the sector. He stressed that such an approach reduces US competitiveness as other major economies have clear crypto laws.