Kraken Co-Founder Jesse Powell Stance on SEC’s Action
On November 21, Jesse Powell slammed the SEC’s latest lawsuit against Kraken and criticized the regulatory body for repeated actions. He accused the SEC of hindering innovation in the United States by targeting crypto firms.
In response to the $30 million settlement in February, Powell stated that the SEC is seeking to extort crypto firms yet again after a short period of relief. He is determined to defend Kraken against what he called illogical and arbitrary enforcement from the SEC.
Dispute Between SEC and Kraken Continues
The SEC’s allegations about Kraken’s unregistered operations as a national securities exchange, broker, and clearinghouse face strong opposition from Kraken’s legal team. Powell expressed his resolve to fight back and protect the interests of the crypto industry.
SEC’s Lawsuits Failing Against Crypto Firms
Federal judges have been critical of the SEC’s actions and have deemed their approach toward the crypto industry arbitrary and hypocritical. Recent legal decisions in favor of crypto firms like Ripple Labs and Grayscale prove that the SEC’s arguments are irrational and baseless.
Hot Take
Jesse Powell’s strong stance against the SEC’s lawsuit shows the growing tensions between regulators and the cryptocurrency industry. The escalating legal battles could have significant implications for the future of crypto regulation in the United States.
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