The founder of krakenJesse Powell, took to Twitter, stating that the DRY allowed the “bad guys” to grow and explode. It exposes how regulators ignored warning signs for a purpose.
At the beginning of the month, the US branch of the exchange kraken has reached a $30 million agreement with the DRY and had to put an end to his function as staking of crypto currencies after regulatory repression. Returning to the facts, the CEO of Kraken once again lashed out at regulators, emphasizing his theory of support for bad actors crypto while treating good actors as enemies. Here is the report.
Regulators let the bad guys get big and blow up because it serves their plan.
1. Destroy crypto ecosystem capital/resources
2. Burn people, deter adoption
3. Give air cover to attack good actors
The bad guys are actually on their side. The good guys are the enemies.
SEC lets bad guys get big so they can explode better, says Kraken founder
There US Securities and Exchange Commission have stepped up their regulation game lately. By making “unrecorded titles” its main hammer, the agency has targeted several companies in the cryptocurrency space. In January, the DRY charged Genesis And Gemini for the unregistered offer and sale of securities to retail investors through the Crypto Lending Program Gemini Earn. After that, the crypto exchange kraken went to checkout. To settle the charges, kraken retrospectively agreed to terminate its offer to staking considered by the DRY as a sale of unregistered securities. She also paid $30 million to the agency.
Developing his theory further, Jesse Powell added :
If the bad guys can run long enough without exploding, they might just kill the good guys for you. The bad guys operate with huge competitive advantages. They suck up users, revenue, and venture capital that otherwise would have gone to the good guys. BGs can always be imprisoned later.
Jesse Powell, Founder, Kraken
Community reactions
Last week, a panel of the DRY voted 4-1 in favor of a proposal to make it harder for cryptocurrency firms to serve as custodiansassets digital in the future. Speaking on the same subject, a prominent member of the military XRP stated that the SEC East “ruthlessabout expanding his powers. Meanwhile, attorney John Deaton recently brought to light another claim “stupidly outrageous” of the DRY Today. He pointed out that, according to the agency, the XRP sold in Japan is a security, while the Japanese regulator has said it is not. Other Twitter users also pointed out how “the SEC single-handedly destroyed Americans’ ability to buy cryptocurrencies”.
Investors seem to think that the situation will only get worse in the future. Replies to the thread of the founder of kraken show that the community at the SEC conspiracy theory. Jesse Powell went on to explain that bad actors find themselves galvanized by important benefits competitive allowing them to kill the “good guys”.
The bad guys have huge competitive advantages. They suck up users, revenue, and venture capital that otherwise would have gone to the good guys.
BGs (bad guys) can always be imprisoned later.
The article Kraken Founder Accuses SEC of Conspiracy Against Crypto Industry appeared first on Corner Academy
