2 years ago
According to Jesse Powell, U.S. regulators allowing atrocious actors successful the crypto abstraction to “suck up users, gross and task capital” could efficaciously destruct "the bully guys".
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Jesse Powell, the existent CEO of crypto speech Kraken, has called retired United States fiscal regulators for letting “the atrocious guys” triumph to suit their agenda.
In a Feb. 19 Twitter thread, Powell speculated that U.S. regulators — seemingly including the Securities and Exchange Commission (SEC) — were allowing crypto firms to run without enforcement actions arsenic a reddish herring for companies that are their existent targets. According to the Kraken CEO, allowing atrocious actors to “suck up users, gross and task capital” disposable to firms operating successful accordance with regulations could efficaciously destruct the manufacture — letting contention tally implicit each different and having regulators jailhouse violators later.
“The atrocious guys are really on-side,” said Powell. “Good guys are the enemy. If the atrocious guys tin tally agelong capable without blowing up, they mightiness conscionable termination the bully guys for you.”
I person a theory:
Regulators fto the atrocious guys get large and stroke up due to the fact that it serves their agenda.
1. destruct capital/resources successful crypto ecosystem
2. pain people, deter adoption
3. springiness aerial screen to onslaught bully actors
The atrocious guys are really on-side. Good guys are the enemy. https://t.co/DZI2O8gVyO
Powell’s connection followed Kraken reaching an statement with the SEC in which the crypto steadfast agreed to halt offering staking services oregon programs to U.S. clients, and wage $30 cardinal successful disgorgement, prejudgment involvement and civilian penalties. Many successful the crypto abstraction person criticized the SEC’s actions arsenic different illustration of “regulation by enforcement” — a disapproval extended to the regulator cracking down connected celebrities endorsing tokens done societal media channels.
Related: SEC seat issues informing to crypto firms aft enactment connected Kraken staking
In September 2022, Powell announced helium would beryllium succeeded arsenic CEO by Kraken’s main operating serviceman Dave Ripley, aft which clip helium would enactment with the crypto steadfast arsenic the seat of the board. Paxos was besides reportedly facing enforcement action from the SEC for allegedly violating capitalist extortion laws successful dealing with Binance USD (BUSD) stablecoins.
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