Kraken co-founder Jesse Powell suggested that the U.S. Securities and Exchanges Commission (SEC) prioritized cases based on convenience, giving examples of the regulatory actions taken against U.S.-based entities like Coinbase, Ripple, and Kraken.
In a Nov. 23 statement on social media platform X (formerly Twitter), Powell said these regulatory actions reflect a localized enforcement approach rather than a genuine endeavor to protect consumers, as targeting overseas entities would require more effort. Powell wrote,
“Going after the most egregious offenders offshore would require effort. It’s not about protecting people.”
Over the past year, the SEC has filed significant legal actions against several U.S.-based crypto firms, alleging they violated federal securities laws with some of their operations. These actions have drawn several concerns from major stakeholders who believe that the regulation-by-enforcement approach could alienate firms operating within the industry.
The SEC
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