Jesse Powell Critiques Regulatory Landscape
In his latest remarks, Kraken co-founder Jesse Powell discussed the current state of the cryptocurrency industry amidst significant regulatory actions. Powell expressed his thoughts on the $4.3 billion fine settlement between Binance and the U.S. Department of Justice, stating that it makes the competitive landscape “feel a bit more fair today.” He also raised concerns about inconsistent enforcement actions by regulatory bodies and the need for the crypto industry to “self-police” to protect its reputation.
Powell referenced other major players in the crypto industry, such as Coinbase and Ripple, which he described as “easy targets” for the SEC. He noted that more significant offenders operating offshore seem to avoid similar levels of attention.
Kraken Faces New SEC Allegations Amidst Ongoing Regulatory Scrutiny
Kraken’s parent companies were previously charged with failing to register their crypto asset staking-as-a-service program, resulting in a $30 million settlement. The SEC has now filed a new complaint alleging that Kraken operates as an unregistered national securities exchange, broker, and clearing house.
In response to this development, Powell criticized the SEC’s actions, stating that it is another assault on America. Kraken has contested the SEC’s allegation in a blog post, arguing that their products are not investment contracts and that the regulatory framework being applied by the SEC is non-existent.
Hot Take: Jesse Powell Advocates for Fairness and Self-Policing in Crypto Regulation
Jesse Powell’s recent comments highlight his critique of the regulatory landscape in the cryptocurrency industry. He expresses concerns about inconsistent enforcement actions and calls for self-policing within the industry to protect its reputation. Powell also questions why major players like Coinbase and Ripple face scrutiny while more significant offenders operating offshore seem to avoid similar attention. Kraken, the exchange co-founded by Powell, is facing new SEC allegations, which the company has contested, claiming that the regulatory framework being applied is unfair and incorrect. These developments underscore the ongoing challenges faced by crypto firms operating in the United States.
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