Kraken Founder: Crypto Companies Should Leave US

Reading Time: < 1 minute

Many leaders in the cryptocurrency industry have expressed concerns that the US government’s actions are strangling the growth of the blockchain industry.

In July, Brad Garlinghouse, CEO of Ripple, stated that the US Securities and Exchange Commission (SEC) was severely damaging the market for digital currencies. As a result, companies in the industry are being pushed to relocate to more favorable regulatory environments in the Middle East and Europe.

Jesse Powell, founder of crypto exchange Kraken, has also called for businesses in the crypto space to leave the US as soon as possible.

The SEC recently filed a lawsuit against Kraken, accusing the platform of violating US laws while earning significant profits from digital currency transactions since 2018.

The court has ordered Kraken to pay a $30 million fine. Powell has accused the SEC of extortion and warned that their actions set a dangerous precedent.

If you like our content and want to support us, please follow us on X, Facebook and Instagram and don’t miss the latest news!