Kraken CEO: Regulators have allowed the bad guys to grow and thrive on their agenda
Expressing his opinion about the regulation of crypto currency in the United States, Jesse Powell, chief executive of cryptocurrency exchange Kraken, tweeted on Sunday, “I have a theory that regulators are going to crack down on the bad guys.” Helps grow up and explode because it serves his agenda. The chief executive continues to name 3 goals he believes regulators are trying to achieve and the first is “draining capital/resources in the crypto ecosystem,” and the second he wrote that “burning people out, [and] preventing adoption,” followed by a third showing of course “good actorsair cover to attack the U.S.”. He further adds that as far as the regulator is concerned, it is in fact that “the bad guys are actually on his side and the good guys are his enemies and he insists that is that if the big guys can last long without blowing up they might as well kill the good guys for you and the big guys always go to jail afterwards. Commenting further, he says that often the big guys create and operate in a highly competitive environment and siphon off revenue and capital that would otherwise go to the good guys. In another tweet, he says that just as money is needed to more effectively regulate the crypto sector, I demand that Congress fulfill it. If we had a bigger budget we could have caught it and the facts don’t support it but still we get rewarded with bigger budgets instead of withholding real consequences for failure.
Earlier this month, the Securities and Exchange Commission took action against Kraken over its staking program, and the exchange reached a settlement with the Securities and Exchange Commission that closed its program for US customers and raised $30,000. million, agreed to pay pre-judgment interest and a civil penalty. Powell recently expressed his dismay as well as how regulators ignore his warnings about illegal activity in the crypto space and how exchanges fail with enforcement action, and in particular The Kraken chief makes this point, without explicitly mentioning FTX. He also said, “I can’t tell you how outrageous it is for the regulator to point out massive red flags and clearly illegal activity so that it can ignore the issue for years and it’s complicated and definitely wrong.” and we’ve been watching everybody and we’ve been watching this for years.
