February 23, 2024

The United States has gradually created a hostile atmosphere for most crypto-related entities through its strict regulatory measures. Subsequently, several crypto firms and even their executives are reconsidering their business operations in the country.

In an angry reaction, Kraken’s co-founder, Jesse Powell, lashed out at the US Securities and Exchange Commission (SEC). This slamming came after the regulator filed a lawsuit against the Kraken crypto exchange recently. 

Powell Calls The SEC ‘USA’s Top Decel’

On November 21, Powell took to the X platform (formerly Twitter) to slam the US SEC following its lawsuit against Kraken. The co-founder tagged the securities regulator “USA’s top level,” indicating that the SEC’s activity slows progress.

In his criticism, Powell alleged that the SEC is still discontented with the $30 million penalty against the Kraken exchange in February. He noted that the regulator is highly embittered by the outcome of its several lawsuits in the crypto industry.

The executive wrote:

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 $30 million in Feb. Now they’re back for seconds.

Further, Powell talked about the SEC’s tactics of repeatedly reaping out crypto exchanges through its regulatory enforcement. The executive noted that the regulator comes with a clear message for the crypto space.

According to the Kraken co-founder, the SEC will press legal charges against companies to collect fines from them. Also, the exec urged other crypto-related firms to flee the US market, which has turned into a warzone through the SEC’s costly legal battles.

Powell stated:

Message is clear: $30 million 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.

Notably, the SEC sued the Kraken crypto exchange in February this year. The case saw Kraken paying a fine of $30 million and shutting down its staking program for US customers. The regulator alleged that the exchange’s staking program was not registered in the country.

The US SEC filed another lawsuit against Payward Inc. and Payward Ventures Inc., referred to as the Kraken crypto exchange, on November 20. 

In the suit, the securities regulator alleged that Kraken operates as an unregistered securities exchange, dealer, clearing firm, and broker.

Also, it claimed that the exchange fluxed its users’ funds and that of the firm in its processes. According to the document, Kraken has combined about $33 billion worth of both customers and the exchange’s assets.

The SEC’s case against Kraken is similar to those against other crypto firms. The commission claimed that Kraken also listed several tokens tagged as securities on its trading platform. 

These include Cardano (ADA), Solana (SOL), Polygon (MATIC), Algorand (ALGO), Cosmos (ATOM), and others.

For now, the community awaits the outcome of the recent filing, given that Kraken succumbed to the first lawsuit the SEC raised against it, paying a huge fine. 

Will it also delist the crypto assets tagged securities? Only the court proceedings will reveal the next moves for the exchange. 


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