Kraken’s Jesse Powell Hits Back at SEC
After the U.S. Securities and Exchange Commission filed charges against Kraken, co-founder Jesse Powell slammed the regulator, dubbing it the “USA’s top decel.” In a tweet, Powell accused the SEC of “shopping for a different flavor of RegDom in CA” after losing in New York. The term “decel” dismisses naysayers against progress.
The SEC accused Kraken of operating unregistered securities and commingling customer assets with company funds. This came after Kraken paid a $30 million fine to settle earlier SEC charges and stopped its U.S. staking service. Powell said, “Message is clear: $30m buys you about 10 months before the SEC comes around to extort you again.”
He also claimed that cryptocurrencies like Cardano, Algorand, Cosmos, and Solana are securities. Kraken disagreed with the SEC’s assertions and plans to defend its position vigorously. Powell, who stepped down as CEO in 2022, aims to focus on the company’s products, user experience, and broader industry advocacy.
Hot Take
Jesse Powell’s aggressive response suggests that Kraken is preparing for a long legal battle with the SEC, while maintaining its stance on the classification of cryptocurrencies.
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