Jesse Powell, the co-founder of the prominent cryptocurrency exchange Kraken, has made headlines with a significant political contribution. Powell donated $1 million, mainly in Ethereum, to Donald Trump's presidential campaign.

According to Powell, Trump is the only major party candidate with a pro-crypto stance. This move highlights a growing trend among influential crypto industry figures who are voicing their discontent with the current regulatory landscape in the United States.

Criticism of Biden Administration

Powell did not hold back his criticism of the Biden administration's approach to crypto regulation. He expressed frustration with what he views as a hostile regulatory environment under the current administration.

Powell specifically mentioned figures like Elizabeth Warren and Gary Gensler, accusing them of attacking the crypto sector through stringent regulatory measures.

"Despite overwhelming bipartisan Congressional efforts to put clear rules in place, the Biden White House has stood by and allowed a campaign of unchecked regulation by enforcement," Powell stated, emphasizing that this approach is detrimental to the US's competitiveness in the global digital assets market.

Joining Forces

Powell's financial support for Trump is part of a broader trend among high-profile crypto advocates. Recently, Gemini founders Cameron and Tyler Winklevoss also backed Trump's campaign.

They donated $1 million in Bitcoin, signaling their shared belief in Trump's pro-crypto stance. This alignment among industry leaders underscores a collective discontent with the current administration's policies.

Cathie Wood's Endorsement

Another notable figure in the financial world, Ark Invest CEO Cathie Wood, has also voiced her support for Trump.

In a recent interview, Wood expressed her intention to vote for Trump, citing him as the best candidate for the US economy. This endorsement adds another layer of credibility and influence to the growing coalition of crypto advocates rallying behind Trump.

Powell's donation and public statements are part of a larger narrative within the crypto community. Many industry leaders believe the current regulatory measures stifle innovation and competitiveness.

As the presidential race heats up, candidates' stances on cryptocurrency regulation could become a pivotal issue for voters and the industry.