Crypto Clash: Kraken’s Powell Overshoots Donation Cap in Political Pivot

In a move echoing the Winklevoss twins’ recent faux pas, Jesse Powell, co-founder of the cryptocurrency exchange Kraken, has reportedly donated a whopping $1 million to Donald Trump’s election campaign, overshooting the legal limit for individual contributions which stands at $844,600. This hefty donation, primarily in ether, may see a significant portion returned, much like the $155,400 refunded to each of the Winklevoss twins, as highlighted in a Bloomberg report last week.

This financial gesture comes amid Kraken’s own regulatory battles. In November, the Securities and Exchange Commission (SEC) charged Kraken with operating an unregistered securities exchange, alleging it made hundreds of millions from the illegal sale of crypto tokens deemed as securities. Following these charges, Powell transitioned from CEO to board chairman, denouncing the allegations as “another attack on America.”

Powell’s substantial donation aligns him with other crypto advocates who have recently thrown their support behind Trump, recognizing him as the “only pro-crypto major party candidate for the 2024 Presidential election.” This marks a notable shift from Trump’s previous skepticism of cryptocurrency, mirroring a broader change in political attitudes as even the Joe Biden campaign seeks to better understand crypto policy and community engagement.

Despite these endorsements and financial backing, cryptocurrency was notably absent from the discourse in the latest presidential debate between Donald Trump and Joe Biden, underscoring the complex and sometimes contradictory nature of political engagement with digital currencies.