Jesse Powell, the co-founder and former CEO of crypto exchange Kraken, is angry at the actions of the US authorities. According to Powell, they are doing everything they can to let “the bad guys” of the industry win over the good guys. The former CEO of Kraken even goes so far as to believe that they are doing this on purpose.
What is the US doing with crypto?
If Powell’s theory is correct, then the US authorities are trying to destroy the good guys by giving the bad guys the upper hand. “The good guys are the enemy. If the bad guys can run long enough without blowing themselves up, they can just kill the good guys,” said Powell.
I have a theory:
Regulators let the bad guys get big and blow up because it serves their agenda.1. destroy capital/resources in crypto ecosystem
2. burn people, determine adoption
3. give air cover to attack good actorsThe bad guys are actually on side. Good guys are the enemy. https://t.co/DZI2O8gVyO
— Jesse Powell (@jespow) February 19, 2023
In this way, according to Powell, the authorities manage to destroy the capital on the good side of the industry, delay adoption and attack the good guys. Powell’s ruling follows the U.S. Securities and Exchange Commission’s (SEC) decision to close Kraken’s staking program.
Incidentally, the strike service of Kraken is not completely over with this. At the moment it only concerns the American branch of the company. Dutch strikers can therefore sit quietly for the time being and enjoy the extra income on the American crypto exchange.
Crypto community is critical of the SEC
Immediately after the decision of the American regulator, there was a lot of criticism from the community. In particular, many people do not like the way the SEC uses its power. At first there are no clear rules and then all kinds of services of “the good guys” are unceremoniously closed without really entering into the conversation.
2/2
Gensler is not a regulator. He is an agent of an anti-crypto agenda, who only aims to wield his power as cudgel for those he doesn’t agree with.
So the big question then, is why didn’t FTX get this treatment?
Who pocket is he in?
— Adam Cochran (adamscochran.eth) (@adamscochran) February 9, 2023
“So first the SEC befriended Sam Bankman-Fried and gave him all the leeway to offer additional services in the United States. Then they go after Kraken and Coinbase, which are two of the neatest exchange platforms in the United States, for services that the SEC has been unwilling to clarify in the past.”
Said a frustrated Adam Cochran. Basically, Cochran’s story boils down to what Powell says. The regulator became friends with FTX, which we now know was a bad party, and then tackled the good guys with Kraken and Coinbase.
