The post Kraken Co-Founder’s Perspective on Crypto Fairness post-Binance settlement appeared on BitcoinEthereumNews.com.

In the wake of the historic settlement between the U.S. Department of Justice (DOJ) and Binance, one of the world’s largest cryptocurrency exchanges, Jesse Powell, co-founder of Kraken, a major rival exchange, has commented on the state of the cryptocurrency industry. Powell’s remarks come shortly after the U.S. Securities and Exchange Commission (SEC) filed a fresh lawsuit against Kraken, raising concerns about the reputation and regulatory challenges facing the crypto market. Kraken’s long-term perspective amidst regulatory challenges Jesse Powell, in a post on X, expressed Kraken’s commitment to the cryptocurrency industry’s long-term success despite the regulatory hurdles it faces. He acknowledged that recent developments, including the DOJ’s settlement with Binance, have contributed to a perception that the industry is becoming fairer. The settlement requires Binance to pay a substantial $4.3 billion fine, marking a significant enforcement action by U.S. authorities against a major crypto exchange. Powell addressed questions raised by shareholders over the past year, primarily concerning the rapid growth of cryptocurrency exchanges and their apparent ability to operate without significant regulatory consequences. He highlighted the challenges faced by “good guys” in the industry while market share dwindles. Powell emphasized the importance of self-policing within the cryptocurrency industry as dodgy operations and illicit activities continue to emerge. He noted that such incidents provide opportunities for governments to impose stricter regulations on cryptocurrencies and tighten their grip on the market. Powell’s comments reflect a growing awareness within the industry that regulatory compliance and ethical conduct are crucial to its long-term sustainability. Kraken, Coinbase, and Ripple as “Easy Targets” for the SEC In his post, Powell also discussed the SEC’s approach to enforcement, suggesting that Kraken, Coinbase, and Ripple are perceived as “easy targets” by the regulatory authority. He pointed out that these firms are situated within the SEC’s jurisdiction, making them…

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Filed under: News - @ November 23, 2023 12:24 pm