Crypto Exchange Founder Kraken Ngamuk, Jesse Powell Kecam SEC

Kraken crypto exchange founder Jesse Powell responded to SEC's actions against his company. (Photo; Doc. 247crypto)

JAKARTA - Jesse Powell, co-founder of Kraken, a crypto exchange, has issued a firm statement regarding the lawsuit filed by the US Securities and Exchange Commission (SEC) against Kraken. Powell criticized the SEC and SEC Chair Gary Gensler for obstructing technological innovations in the United States. Powell plans to defend himself against the SEC's demands.

Powell revealed that Kraken had resolved all issues posed by the SEC with a $30 million settlement (Rp462 billion) in February, but the SEC continued to pursue them. "US regulators are back with another attack on America. They are dissatisfied with the sentences they received in New York and seek different penalties in California," Powell said.

Powell explained his intention to defend himself from a regulatory lawsuit. This is aimed at stopping SEC law enforcement actions that make no sense to the crypto industry.

He commented, "$30 million (Rp462 billion) is only enough for about 10 months before the SEC comes back to extort you." The SEC wants crypto companies to shut down their operations in the US if they are unable to pay more than $100 million (Rp1.54 trillion) to give to the SEC.

The SEC alleges that Kraken has operated an unregistered national securities exchange, brokers, and clearing agency. Kraken disagrees with the SEC claims and is preparing to carry out a strong defense.

Powell argues that Congress's bipartisan action is the most effective step to prevent the US from falling behind due to unreasonable regulations against the crypto industry. Kraken will continue to fight for its rights and defend technological innovations in the United States.