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Jesse Powell, the co-founder of crypto exchange Kraken, has taken to social media to criticise the United States Securities and Exchange Commission over alleged securities law violations.
On X, Powell posted that the SEC, referred to as “USA’s top decel”, is slowing progress in the space.
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
Powell added that he believes the SEC is sending a message to cryptocurrency firms that the industry is not safe for operation and innovation. To avoid losing money over lawsuits, Powell suggests that cryptocurrency firms get out of the United States:
“$30m buys you about 10 months before the SEC comes around to extort you again. Lawyers can do a lot with $30m but the SEC knows that a real fight will likely cost $100m+, and valuable time. If you can’t afford it, get your crypto company out of the US warzone.”
In February, the SEC had charged the United States-based echange with failing to register the offer ans sale of cryptocurrency tokens in relation to its staking program. Kraken paid $30 million in the settlement agreement, and has since halted its crypto-staking program and services to its customers in the United States.
Powell’s criticisms are in response to a lawsuit the SEC slapped Kraken with, alleging the exchange has violated and broken several securities laws in its operations. In the allegations, the SEC says that Kraken failed to register as a securities broker and has failed to seperate customer and corporate funds.
A spokesperson for Kraken has said that it has not listed any securities assets that are not registered, noting that Kraken would be defending its position in court.