The founder of crypto exchange Kraken says the Biden administration’s approach is “diminishing U.S. competitiveness” in the crypto market.

Jesse Powell, the founder and former chief executive of crypto exchange Kraken, has donated $1 million in Ethereum (ETH) to former President Donald Trump as presidential elections approach. In a Jun. 28 post on X, Powell implied his decision was driven in response to a hawkish attitude against the industry from Dem. Elizabeth Warren, and U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler.