Kraken co-founder’s scathing critique of the ‘decel’ SEC, advises others to escape the clutches of the US

Kraken Co-Founder Criticizes SEC, Urges Others to Avoid US Market

Kraken co-founder Jesse Powell is not holding back in expressing his frustration with the Securities and Exchange Commission (SEC) after the agency sued his crypto exchange for alleged securities law violations. In a tweet, Powell referred to the regulator as the “USA’s top decel” – a term used in the tech world to insult someone who hinders progress. He even claimed that the SEC wasn’t satisfied with the $30 million settlement they had already taken from Kraken.

Powell didn’t stop there. In another tweet, he warned other crypto companies to leave the “US warzone” if they want to avoid expensive legal battles. According to him, the SEC’s message is clear – they’re not going to back off easily. “$30 million buys you about 10 months before the SEC comes around to extort you again,” he stated. “If you can’t afford to fight, get out of the warzone.”

The regulator had previously accused Kraken of failing to register their crypto asset staking-as-a-service program. As part of the settlement, Kraken agreed to pay $30 million and stop offering crypto-staking products and services to U.S. customers.

Powell’s sharp comments came after the SEC filed a lawsuit against Kraken, accusing the exchange of multiple securities law violations. The agency claimed that Kraken failed to register as a securities broker and had mixed customer and corporate funds.

Kraken, on the other hand, vehemently denied listing unregistered securities and described the lawsuit as “disappointing.” The exchange is prepared to defend its position in court. In a blog post, Kraken clarified the SEC’s accusations of commingling funds, stating that they were simply using fees they had already earned and that no user funds were missing.

In conclusion, it seems like the battle between Kraken and the SEC is far from over. Whether you side with Powell or the regulator is up to you, but one thing is for sure – the crypto industry is facing some serious challenges in the United States. So, buckle up and get ready for more twists and turns in this thrilling saga!

Now, dear readers, what are your thoughts on this ongoing battle? Who will come out on top – Kraken or the SEC? Share your opinions in the comments below!

We will continue to update Blocking; if you have any questions or suggestions, please contact us!


Was this article helpful?

93 out of 132 found this helpful

Discover more


Who is the "golden master" behind the Bitcoin developer? Read the history of bitcoin development funding in a text

In this article, we explore the importance of funding open source development, existing funding mechanisms, and the t...


Viewpoint: The financial privacy of most Bitcoin users is “streaking” and blockchain needs anonymity

For privacy technology and privacy, many people understand that privacy technology and privacy currency are created f...


When all Bitcoins were mined in 2140, what is the final value of Bitcoins purchased today 120 years later?

As we all know, there are only 21 million Bitcoins, and the last one will be mined all day. According to current esti...


The world is so chaotic, Bitcoin is not anxious, the 1920s are its golden age

Many friends have seen my science on Twitter, and Bitcoin Without Borders is one of my core missions. In addition, my...


The BTC has been halved for six months, but the miners have "surrendered"?

This article is from beincrypto & blockonomi Original author: Daniel Phillips, Dick Chong Odaily Planet Daily Tra...


What experience did NASA send to Apollo's computer mining 50 years ago? It takes 10^18 years for a block...

How hard is bitcoin mining? A foreign geek made a bold experiment with the NASA antiques that had sent the spaceship ...