Kraken’s co-founder, Jesse Powell, emphasized that despite ongoing challenges and recent legal actions in the cryptocurrency industry, Kraken remains committed to a long-term strategy.
Powell mentioned feeling a sense of fairness following Binance’s historic $4.3 billion fine settlement with the U.S. Department of Justice as this comes shortly after the U.S. Securities and Exchange Commission filed a new lawsuit against Kraken.
Powell’s message suggests that despite emerging threats and regulatory issues, Kraken is focused on navigating the evolving landscape. Following the lawsuit, Krakenn assured that they were unfazed by this SEC lawsuit and said that its regular operations are continuing without any disruption.
Powell noted that new challenges keep arising, posing a threat to the industry’s reputation. He emphasized that every questionable operation allows governments to blame crypto and impose stricter regulations. Powell stressed the need for the industry to regulate itself, as relying on external protection is unreliable.
In his statement, Powell mentioned Coinbase and Ripple, suggesting that these, along with Kraken, are seen as easy targets for the SEC. He criticized the focus on these companies in the SEC’s “backyard” and argued that addressing more severe offenders offshore would require more effort, implying that the current approach may not be genuinely about protecting people.
Also Read: Coinbase Pushes for Crypto Rules After SEC-Kraken Action
