Kraken CEO, Jesse Powell, expressed his anger against the bad guys and regulators’ turning a blind eye to their deeds. The entire story started when Kraken was forced to make a $30-million settlement with the SEC and shut down its crypto staking feature after the regulatory crackdown.
Powell claimed that the series of events causing drastic blow-ups will gradually destroy gigantic resources and capital in the crypto ecosystem. Consequently, investors will lose more money, and people will start urging against adoptions.
Kraken CEO also detailed that regulators haven’t entertained their warnings on forgery and scams in the industry. The CEO of Custodian bank, Caitlin Long, has also supported Powell’s claim. What’s more, crypto enthusiast SEC commissioner Hester Peirce has also stood against the organization’s decision to discontinue Kraken’s staking services as it sets a wrong precedent in the market.
Numerous prominent figures in the crypto industry have echoed Powell’s claim related to the regulatory clarity in the cryptoverse. The names include Cameron Winklevoss, the CEO of Gemini exchange. In his recent tweet, Cameron stated that the western world would most likely miss out on shaping the radical part of the future of international financial infrastructure.
The Cardano (ADA) creator, Charles Hoskinson, has also criticized SEC’s opinion on crypto staking. According to Hoskinson, the SEC’s opinion on crypto staking lacks clarity. SEC may find Kraken’s way of drafting its services regulation-violating; however, the underlying assets don’t go against the guidelines. He also says that there’s no transitivity where the stock sets can label the underlying assets problematic.
