According to the CEO of the Kraken cryptocurrency exchange, American financial regulators are supporting those entrepreneurs and start-ups that are aimed at developing the cryptocurrency industry, not destroying it.
Jesse Powell, in his recent statement, pointed out – “The nefarious entities always have the upper hand as they have access to vast resources, including revenue and venture capital, that would otherwise benefit the good players in the market. Unfortunately, the bad actors are never deterred by the threat of legal action, as they believe they can always deal with the consequences later.”
According to Jesse Powell, the CEO of Kraken, regulators have created an unfriendly environment for normal business people, while allowing the “bad guys” to operate freely, which only benefits the officials.
He strongly believes that the cryptocurrency ecosystem is being threatened by these “bad actors” who are not deterred by the threat of legal action. Powell has been vocal in his criticism of the chairman of the US Securities and Exchange Commission (SEC) for imposing strict rules on crypto service providers.
He argues that by complying with these regulations, his company could have avoided millions of dollars in fines and potential closure.
Powell also criticized Sam Bankman-Freed, the former CEO of the now-defunct FTX exchange, for his lack of understanding of margin trading and the organization of a cryptocurrency exchange.
Jesse Powell is determined to continue advocating for a more favorable regulatory environment for the cryptocurrency industry.