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The founder of cryptocurrency exchange Kraken says the Biden administration’s approach “reduces the competitiveness of the United States” in the cryptocurrency market.
Jesse Powell, founder and former CEO of a cryptocurrency exchange A mythical sea monsterdonated $1 million in Ethereum (Ethereum) to the former president Donald Trump With the presidential elections approaching. In a June 28 post onsecond) President Gary Gensler.
The Kraken founder also asserted that President Joe Biden’s administration has “allowed a campaign of unchecked regulation through law enforcement,” adding that this approach “reduces the competitiveness of the United States while other major economies around the world provide clear rules for regulating digital assets.”
“I am excited to join other leaders from our community to unite behind the only major party candidate who is pro-crypto in the 2024 presidential election so that the United States can continue to be a leader in blockchain technology.”
Jesse Powell
Kraken and the SEC have a long history of fierce battles amid the murky regulatory framework for cryptocurrencies in the United States. In February 2023, Kraken Settlement with the Securities and Exchange Commission for $30 million over a betting feature offered to customers, which the SEC deemed to be unregistered securities.
Despite this settlement, in November 2023, the SEC decided Prosecute Kraken’s parent companies, Payward and Payward Ventures, are accused of operating an unregistered online trading platform. The lawsuit alleges that Kraken has been operating illegally since 2018 as a securities exchange, broker-dealer, and clearing house, earning hundreds of millions of dollars.
The SEC also claims that Kraken could commingle its clients’ funds with its assets, which could result in losses on both sides. The case is still pending before the court.
Jesse Powell is the latest crypto executive to back the Republican presidential candidate. Tyler and Cameron Winklevoss, founders of crypto exchange Gemini, also have their own Donate $1 Million in Bitcoin (BTC) for Donald Trump and pledged to vote for him in November.
