Kraken co-founder Jesse Powell launched a scathing attack on the U.S. Securities and Exchange Commission (SEC) after the regulatory body sued his cryptocurrency exchange for alleged securities law violations.
On November 21, Powell took to Twitter, referring to the SEC as "America's top decel" - a term commonly used in the tech industry to insult those hindering progress - and claimed that the SEC was not satisfied with the $30 million settlement imposed on Kraken in February. He stated, "USA's top decel is back with another assault on America. The masochists haven't been happy with the beatings they've been taking in NY and are shopping for a different flavor of RegDom in CA. I thought we settled all their concerns for $30m in Feb. Now they're back for seconds?" Link to tweet
In a follow-up comment, Powell stated that the message from the SEC to Kraken and other cryptocurrency companies was clear, warning them to quickly leave the "U.S. battlefield" to avoid expensive legal battles.
The SEC had previously accused Kraken of "failing to register its issuance and sale of asset-backed securities." As part of the settlement agreement, Kraken agreed to pay $30 million and cease offering asset-backed products and services to U.S. customers.
Powell's incisive comments came after the SEC sued Kraken for multiple securities law violations on November 20.
The SEC alleged that Kraken failed to register as a securities broker with the agency and claimed that Kraken commingled customer and company funds.
A Kraken spokesperson denied listing unregistered securities and described the lawsuit as "extremely disappointing," stating that Kraken would defend its position in court.
In a subsequent blog post on November 20, Kraken stated that the SEC's mixed accusations were simply "Kraken spending its own earnings" and that the SEC did not accuse Kraken of losing customer funds.
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