Kraken Exchange Partner Jesse Powell's Controversial Statements
- Posted on November 21, 2023 5:02 PM
- Cryptocurrency Exchanges News
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Jesse Powell did not hold back in his criticism of the SEC regarding the lawsuit filed against his exchange. Powell accused the SEC of hindering the progress of the country.
Kraken's co-founder Jesse Powell strongly criticized the Securities and Exchange Commission (SEC) following the lawsuit filed against the cryptocurrency exchange for violating securities laws. In a post on November 21, Powell referred to the SEC as the biggest decelerator in the United States. Additionally, Powell expressed dissatisfaction with the $30 million settlement amount that the SEC received from Kraken. The term "decelerator" is used in technology circles as a derogatory reference to individuals who impede progress.
USA's top decel is back with another assault on America. The masochists haven't been happy with the beatings they've been taking in NY and are shopping for a different flavor of RegDom in CA. I thought we settled all their concerns for $30m in Feb. Now they're back for seconds? https://t.co/SkfPJyneUz
— Jesse Powell (@jespow) November 21, 2023
Jesse Powell, in a subsequent post, emphasized that the SEC's message to Kraken and other crypto companies is clear. He urged other crypto firms to abandon the "U.S. battleground" to avoid expensive legal battles:
"A $30 million settlement can only delay the SEC's attempt to extort you for 10 months. Lawyers can do a lot with $30 million, but the SEC knows a real fight will cost over $100 million and valuable time. If you can't afford that, get your crypto company out of the U.S. battleground."
Powell's strong words came after the SEC filed a lawsuit against Kraken on November 20, accusing the exchange of various securities law violations. The SEC alleged that Kraken failed to register as a securities broker and commingled customer and company funds.
A spokesperson for Kraken denied listing unregistered securities and characterized the lawsuit as a "disappointment." The spokesperson stated that Kraken would defend itself in court.
