Kraken Founder Jesse Powell Criticizes SEC

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Jesse Powell, the co-founder of Kraken, did not hold back in his criticism of the SEC after the crypto exchange he helped establish was sued.

He also issued a warning to businesses to leave the United States. He expressed his frustration with the SEC’s actions, calling them a major burden and another attack on America.

Additionally, Powell referenced the recent lawsuit against Kraken for its “unregistered” staking program, which was settled for $30 million in February, as evidence of the SEC’s pursuit of costly litigation against crypto firms.

He suggested that these legal battles are a tactic to force companies out of the US and urged them to leave the jurisdiction to avoid further damages.

According to Powell, the cost of fighting against the SEC would exceed $100 million and consume valuable resources, making it more viable for businesses to relocate outside of the US.

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