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 cryptocurrency corporations. As a result to the $30 Million settlement in February, Powell stated that the SEC is seeking to extort cryptocurrency corporations yet again after a short period of relief. He is determined to defend Kraken against what he was known illogical and arbitrary enforcement from the SEC.
Dispute Between SEC and Kraken Continues
The SEC’s states 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 cryptocurrency industry.
SEC’s Lawsuits Failing Against Cryptocurrency Corporations Federal judges have been critical of the SEC’s actions and have deemed their approach toward the cryptocurrency industry arbitrary and hypocritical. Recent legal decisions in favor of cryptocurrency corporations 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 digital currency industry. The escalating legal battles could have whole lot of implications for future of the cryptocurrency regulation in the United States.
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