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Jesse Powell, the co-founder and chairman of the cryptocurrency exchange Kraken, has donated $1 million in digital assets to the United States presidential campaign of the pro-crypto candidate Donald Trump., Powell revealed that the donation was mainly in ether . The Kraken founder has now declared publicly his support for Trump due to his favorable views on the crypto industry.
“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,” Powell said.According to Powell, U.S. leaders like Senator Elizabeth Warren and Gary Gensler, chairman of the Securities and Exchange Commission , have waged war on the local crypto industry for too long.
Senator Warren is a well-known crypto critic who has made several moves to introduce strict legislation for regulating the U.S. crypto industry.the Digital Asset Anti-Money Laundering Act, which aims to implement strict anti-money laundering rules and counter-terrorism financing measures in the crypto sector. If approved, the bill will extend Bank Secrecy Act responsibilities, including KYC requirements, to crypto network participants like wallet providers, miners, and validators.
Kraken’s co-founder said the Biden administration has allowed a “campaign of unchecked regulation by enforcement” on the crypto industry despite bipartisan congressional efforts to create clear rules for the sector. He insisted that such an approach diminishes U.S. competitiveness as other major economies have clear crypto laws.$1 million in bitcoin each to Trump’s campaign.
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