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Kraken Lianchuang criticized the SEC for abusing its power for "extortion" and suggested that encryption companies consider withdrawing from the US m

Kraken Lianchuang criticized the SEC for abusing its power for "extortion" and suggested that encryption companies consider withdrawing from the US m

CointimeCointime2023/11/21 13:27
By:Cointime

Kraken co-founder Jesse Powell criticized the SEC's recent lawsuit against his company on the X platform. Powell condemned the SEC's actions and suggested that crypto companies consider leaving the US market.
He referred to the SEC as "America's top decel," a common phrase in the tech industry used to describe entities that hinder progress. Powell expressed dissatisfaction with the SEC's actions and implied that the regulatory body was using its power to extort funds from companies in the crypto industry.
Powell stated that the cost of fighting the SEC in court could exceed $100 million, which many companies in the industry would be unable to afford. In light of this financial burden and the SEC's aggressive stance, Powell suggested that other crypto companies consider moving their operations outside the US.
Earlier today, the SEC accused Kraken of mixing customer funds with company funds and operating unregistered exchanges, brokerages, and clearing agencies.
Kraken responded on the X platform, stating that it does not agree with the SEC's claims and plans to vigorously defend its position.

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