Kraken Co-Founder Accuses SEC of Targeting and Warns Crypto Companies to Leave the US

Kraken cryptocurrency exchange co-founder, Jesse Powell, has pointed fingers at the U.S. Securities and Exchange Commission (SEC), stating, “The SEC is seeking a new target in California (Kraken’s location) after the beating they took in New York courts over the Ripple lawsuit dissatisfaction.” Despite resolving a $30 million fine in February for unregistered cryptocurrency staking services, Powell criticized the SEC’s relentless actions, saying, “With $30 million, we can only delay the SEC’s additional lawsuits for 10 months.” He emphasized that the SEC’s aggressive pursuit imposes substantial costs and valuable time on the cryptocurrency industry, hindering the development of the U.S. crypto sector. Powell concluded by advising crypto companies to consider leaving the regulatory battleground in the United States if they cannot bear the pressure. Kraken, previously accused by the SEC of unregistered securities sales and operating an exchange, maintains its disagreement with the SEC’s claims and pledges to continue its existing services for customers.