{"id":520325,"date":"2023-02-20T20:00:06","date_gmt":"2023-02-20T20:00:06","guid":{"rendered":"https:\/\/wncen.com\/?p=520325"},"modified":"2024-06-11T14:32:40","modified_gmt":"2024-06-11T14:32:40","slug":"regulators-are-to-blame-for-all-the-crisis-in-crypto-says-kraken-ceo","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/regulators-are-to-blame-for-all-the-crisis-in-crypto-says-kraken-ceo\/","title":{"rendered":"Regulators Are To Blame For All The Crisis In Crypto, Says Kraken CEO"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">Jesse Powel, the co-founder, and CEO of Kraken, a cryptocurrency exchange, <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/twitter.com\/jespow\/status\/11040513\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">thinks<\/span><\/a><span data-preserver-spaces=\"true\"> users should blame regulators for the ongoing crises in crypto.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Kraken CEO: Are Regulators Bent On Killing Crypto?<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">While replying to a tweet on February 20, Jesse theorized that regulators have been taking a back step, allowing the bad guys to get big before blowing up because, in his view, &#8220;it serves their agenda.&#8221;<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The ecosystem&#8217;s resources and capital are destroyed whenever such a scare happens in crypto. At the same time, people are burnt, which deters adoption, a negative for the industry. Moreover, Jesse notes that regulators appear to have &#8220;good air cover&#8221; when there is a blowup to attack good players in the sphere.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The crypto industry is still nascent though the underlying technology has existed since 2009, when Bitcoin first launched.\u00a0<\/span><\/p>\n<figure id=\"attachment_520316\" aria-describedby=\"caption-attachment-520316\" style=\"width: 840px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-520316\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/Bitcoin-Price-on-February-20.png?resize=840%2C518\" alt=\"Bitcoin Price on February 20\" width=\"840\" height=\"518\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/Bitcoin-Price-on-February-20.png?w=840 840w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/Bitcoin-Price-on-February-20.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/Bitcoin-Price-on-February-20.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/Bitcoin-Price-on-February-20.png?w=750 750w\" sizes=\"(max-width: 840px) 100vw, 840px\"><figcaption id=\"caption-attachment-520316\" class=\"wp-caption-text\">Bitcoin Price on February 20| Source: <a href=\"https:\/\/www.tradingview.com\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSDT On Binance, TradingView<\/a><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">However, despite the time, cryptocurrencies have been gaining mainstream adoption following the ICO hysteria in 2017-2018. In the last five years, there have been several innovations in fundraising, with the launch of DeFi protocols and NFT projects being one of the major highlights.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-bull-run-too-soon-call-quant-cautions\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Bull Run Still Too Soon To Call, This Quant Cautions<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">According to Powell and other experts, regulators tasked with creating a fair environment and protecting investors have been slow to adjust amid this explosion of tokens and projects. <\/span><span data-preserver-spaces=\"true\">Policymakers have yet to develop drafts that clearly define most cryptocurrencies in most jurisdictions.\u00a0<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">SEC Crackdown On Good and Bad Projects<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">For context, in the United States, the Securities and Exchange Commission (SEC) only recognizes Bitcoin as a commodity. On several occasions, SEC officials have been on record saying most cryptocurrencies are unregistered securities. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Ripple Inc., a blockchain company, has an ongoing case with the SEC after its executives were sued for selling XRP, which the regulator insisted was offered to investors as an unregistered security. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Last week, the SEC sent a Wells notice to Paxos, the issuer of BUSD, saying the stablecoin is an unregistered security.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/all\/former-ftx-boss-sam-bankman-fried-using-privacy-messaging-app-signal\/\" target=\"_blank\" rel=\"noopener \">Former FTX Boss Sam Bankman-Fried Using Privacy Messaging App Signal<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">The absence of clear rules and regulators, especially in the United States, cracking down on the crypto industry, including exchanges and stablecoin issuers, is what Jesse wants to change. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">He argues that regulators should take a &#8220;proactive&#8221; approach and not wait for a crisis to act, lumping up good crypto projects as enemies. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The Kraken CEO adds that bad companies already operate with \u201chuge competitive advantages\u201d as they suck users, revenue, and venture capital that would have otherwise gone to good projects.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Kraken recently settled with the SEC for $30 million with an agreement that they shut down their crypto staking service in the United States.<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Feature image from Canva, Chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Jesse Powel, the co-founder, and CEO of Kraken, a cryptocurrency exchange, thinks users should blame regulators for the ongoing crises in crypto. Kraken CEO: Are Regulators Bent On Killing Crypto? While replying to a tweet on February 20, Jesse theorized that regulators have been taking a back step, allowing the bad guys to get big before blowing up because, in his view, &#8220;it serves their agenda.&#8221; The ecosystem&#8217;s resources and capital are destroyed whenever such a scare happens in crypto. At the same time, people are burnt, which deters adoption, a negative for the industry. Moreover, Jesse notes that regulators appear to have &#8220;good air cover&#8221; when there is a blowup to attack good players in the sphere. The crypto industry is still nascent though the underlying technology has existed since 2009, when Bitcoin first launched.\u00a0 However, despite the time, cryptocurrencies have been gaining mainstream adoption following the ICO hysteria in 2017-2018. In the last five years, there have been several innovations in fundraising, with the launch of DeFi protocols and NFT projects being one of the major highlights. Related Reading: Bitcoin Bull Run Still Too Soon To Call, This Quant Cautions According to Powell and other experts, regulators tasked with creating a fair environment and protecting investors have been slow to adjust amid this explosion of tokens and projects. Policymakers have yet to develop drafts that clearly define most cryptocurrencies in most jurisdictions.\u00a0 SEC Crackdown On Good and Bad Projects For context, in the United States, the Securities and Exchange Commission (SEC) only recognizes Bitcoin as a commodity. On several occasions, SEC officials have been on record saying most cryptocurrencies are unregistered securities. Ripple Inc., a blockchain company, has an ongoing case with the SEC after its executives were sued for selling XRP, which the regulator insisted was offered to investors as an unregistered security. Last week, the SEC sent a Wells notice to Paxos, the issuer of BUSD, saying the stablecoin is an unregistered security. Related Reading: Former FTX Boss Sam Bankman-Fried Using Privacy Messaging App Signal The absence of clear rules and regulators, especially in the United States, cracking down on the crypto industry, including exchanges and stablecoin issuers, is what Jesse wants to change. He argues that regulators should take a &#8220;proactive&#8221; approach and not wait for a crisis to act, lumping up good crypto projects as enemies. The Kraken CEO adds that bad companies already operate with \u201chuge competitive advantages\u201d as they suck users, revenue, and venture capital that would have otherwise gone to good projects. Kraken recently settled with the SEC for $30 million with an agreement that they shut down their crypto staking service in the United States. Feature image from Canva, Chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":520326,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[6664,2676,3799],"class_list":["post-520325","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-crypto","tag-kraken","tag-sec"],"acf":[],"yoast_head":"\n<title>Regulators Are To Blame For All The Crisis In Crypto, Says Kraken CEO<\/title>\n<meta name=\"description\" content=\"Jesse Powel, the co-founder and CEO of Kraken thinks\u00a0users should blame regulators for the regular crises in crypto.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. 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