As a long-term crypto investor and follower of the industry’s developments, I can’t help but be intrigued by Jesse Powell’s recent $1 million donation to Donald Trump’s presidential campaign. Powell’s public endorsement of Trump comes as no surprise given his frustration with the regulatory actions taken against the crypto sector by certain U.S. politicians and agencies.
I’ve uncovered that Jesse Powell, the co-founder and chairman of Kraken cryptocurrency exchange, has made a significant donation worth one million dollars in digital assets to support Donald Trump’s presidential campaign in the United States.
Last Friday, Powell disclosed that most of the donation he made was in the form of ether (ETH). Recently, Kraken’s founder went public with his backing of Trump, attributing his support to the candidate’s positive stance towards the crypto industry.
“I’m looking forward to teaming up with other community heads to support the sole pro-cryptocurrency presidential candidate in the 2024 election. This will help keep the US at the forefront of blockchain innovation.” – Powell.
Powell Donates $1M to Trump
Based on Powell’s perspective, Senators Elizabeth Warren and Gary Gensler, who chairs the Securities and Exchange Commission (SEC), have been aggressively opposing the cryptocurrency sector in the US for an extended period.
Senator Warren is a prominent figure known for her criticism towards cryptocurrencies, taking steps to propose stringent regulations for the American crypto market.
In the previous year, Warren proposed the Digital Asset Anti-Money Laundering Act. The objective of this act is to enforce stringent anti-money laundering regulations and counter-terrorism financing measures within the crypto industry. Should it be passed, the Bank Secrecy Act (BSA) duties, including customer due diligence (KYC), would apply to crypto network participants such as wallet providers, miners, and validators.
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As a researcher examining the regulatory landscape of the cryptocurrency industry, I’ve observed with concern the Biden administration’s permissive approach to enforcement-driven regulations. This “campaign of unchecked regulation,” as Kraken’s co-founder puts it, has stifled the sector’s growth in the United States, despite bipartisan congressional efforts to establish clear rules for crypto. The absence of definitive guidelines puts us at a competitive disadvantage compared to major economies that have already established regulatory frameworks for digital currencies.
Trump’s Stance on Crypto
The views expressed by Powell are similar to those held by Tyler and Cameron Winklevoss, the co-founders of Gemini Exchange, who have given $1 million in bitcoin each to Trump’s campaign. These entrepreneurs believe that a Trump victory in the elections could put an end to the current administration’s excessive regulation and antagonistic stance towards the crypto sector.
As a researcher following the cryptocurrency landscape, I’ve noticed that Trump has made a commitment to shield Bitcoin from detractors like Senator Warren and others. He has firmly stated his intention to prevent the establishment of a Central Bank Digital Currency (CBDC) in the United States.
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2024-06-29 07:34