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Kraken co-founder Jesse Powell said the crypto industry is ‘’more fair’’ after Binance and its founder Changpeng Zhao were hit with a $4.3 billion penalty to settle multiple criminal charges against the world’s biggest crypto exchange.
“The game feels a bit more fair today,” he said in tweet on X on Nov. 23. “Unfortunately, many of our like-minded, responsible peers perished while waiting for justice to arrive. For them, there is no solace.”
The game feels a bit more fair today. The last 12 months have answered 2 nagging questions from shareholders:
1. How are they going so fast?
2. How are they getting away with it?"Trust me, any day now…" is only believable for so many years. It's hard to keep faith while…
— Jesse Powell (@jespow) November 23, 2023
Powell suggested that while firms like Kraken were complying with the law, competitors like Binance were ”going so fast” because regulators failed to crack down on them.
“It’s hard to keep faith while your market share dwindles and the only enforcement that’s happening is against the good guys,” he said.
The comment came just days after the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Kraken itself, adding to the mounting pressure on the crypto industry amid a sweeping regulatory crackdown.
Powell slammed that lawsuit as “another assault on America,” and urged crypto companies to exit the US because regulators are turning the US into ”a warzone” for crypto companies.
Kraken, Coinbase, Ripple Were Easy Target For SEC
He was also critical of the SEC’s approach, accusing it of hitting the easiest targets first in its own back yard, and said that timely protection could not be counted on.
“SEC is clearly bringing cases in order of convenience,” he said. “@krakenfx, @coinbase, @Ripple are all easy targets, sitting right in their back yard. Going after the most egregious offenders offshore would require effort. It’s not about protecting people.”
With Binance now reeling from the US action, Powell feels the industry is operating on a more level playing field.
But he also urged investors to do more to support companies that comply with regulations. While such companies won’t have zero Know Your Customer (KYC) accounts or exotic products, they’re helping to build the industry’s long-term future, he said.
When told by another user on X that he was losing the plot and becoming a ”KYC-Maximalist,” Powell disagreed.
“The goal should be to onboard the world to crypto,” he said. “Not doing KYC is not a tenable position for any large exchange.”
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