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Kraken co-founder Jesse Powell has strongly criticized the US Securities and Exchange Commission (SEC) for filing a lawsuit against the famous cryptocurrency exchange. Powell referred to the SEC as “decels” and called SEC Chairman Gary Gensler a “masochist,” claiming that these individuals and institutions are hindering technological innovation in the US. Jesse Powell is now preparing to defend against the SEC.
Jesse Powell went to X in response to the SEC lawsuit against Kraken on November 21. He believed that they had resolved all of the SEC’s concerns with a $30 million settlement in February, but the SEC continues to pursue them.
Jesse Powell then stated:
The best decel in the US has returned to America with another attack. The masochists were not satisfied with the beatings they received in NY and are shopping for a different RegDom taste in CA.
Jesse Powell clarified his intention to defend against the irrational and illogical sanctions imposed by the SEC on cryptocurrencies, stating:
$30 million will buy you about 10 months before the SEC comes to rob you again. If crypto companies cannot afford to pay the SEC more than $100 million, the SEC asks them to move their companies out of the US.
The SEC recently described the Kraken exchange as an unregistered national securities exchange. Kraken management, however, disagreed with the SEC’s allegations and stated that they are prepared to mount a strong defense.
A non-partisan Congressional action is the most effective way to prevent the US from falling behind as crypto regulations progress worldwide.
SEC Continues to Lose
The SEC’s actions against cryptocurrencies are considered arbitrary and capricious by federal judges. In addition, the SEC cannot escape criticism for its hypocrisy.
In the past, the SEC lost major lawsuits against Ripple Labs and Grayscale. Judges supported the cryptocurrency companies, deeming the reasons presented by the SEC as illogical. Jesse Powell also announced his eagerness to fight the SEC and his intention to defeat them, possibly based on these previous cases.
