Cryptocurrency Regulators "Let the Bad Guys Get Big": Kraken\'s Jesse Powell Sounds the Alarm
Jesse Powell, CEO of crypto exchange Kraken, is fiercely criticizing United States financial regulators, accusing them of actively enabling illicit actors in the cryptocurrency space to flourish. According to Jesse Powell, U.S. regulators allowing bad actors in the crypto space to “suck up users, revenue and venture capital” could effectively destroy the potential of legitimate crypto businesses.
The CEO of crypto exchange Kraken, Jesse Powell, says U.S. regulators “let the bad guys get big and blow up because it serves their agenda.” The executive explained: Powell believes this intentional oversight allows regulators to later justify stricter, more sweeping regulations, ultimately hindering innovation and competition within the industry. Jesse Powell, actual CEO del exchange de criptomonedas Kraken, ha arremetido contra los reguladores financieros de Estados Unidos por dejar que los malos...
Powell\'s frustration is palpable. Recently, Kraken Co-founder and CEO Jesse Powell tweeted that it’s “infuriating” to have pointed out “massive red flags” and “illegal activity” to regulators, only to see those concerns ignored. He suggests that regulators are prioritizing a narrative that paints the entire crypto industry as inherently risky, rather than targeting and addressing specific instances of fraud or misconduct.
This criticism raises serious questions about the role of regulation in the crypto world. Are regulators genuinely aiming to protect consumers and foster responsible innovation, or are they pursuing an agenda that stifles the industry\'s growth? The CEO of crypto exchange Kraken, Jesse Powell, says U.S. regulators “let the bad guys get big and blow up because it serves their agenda.” The executive explained:
The implications of Powell\'s accusations are significant. If regulators are indeed allowing "the bad guys" to gain traction, it could lead to widespread scams, market manipulation, and ultimately, a loss of trust in the entire cryptocurrency ecosystem. Understanding these dynamics is crucial for anyone involved in or interested in the future of cryptocurrency.