{"id":87436,"date":"2023-11-23T17:00:32","date_gmt":"2023-11-23T15:00:32","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=87436"},"modified":"2025-09-13T11:48:38","modified_gmt":"2025-09-13T08:48:38","slug":"kraken-chief-sees-a-positive-for-the-industry-amid-binance-situation","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/kraken-chief-sees-a-positive-for-the-industry-amid-binance-situation\/","title":{"rendered":"Kraken chief sees a positive for the industry amid Binance situation"},"content":{"rendered":"<p>The Kraken cryptocurrency exchange is \\&#8221;playing the long game\\&#8221;, despite the emergence of \\&#8221;new reputational threats\\&#8221; to the industry, said Jesse Powell, co-founder of the platform.<\/p>\n<blockquote class=\\\"twitter-tweet\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">The game feels a bit more fair today. The last 12 months have answered 2 nagging questions from shareholders:<\/p>\n<p>1. How are they going so fast?<br \/>2. How are they getting away with it?<\/p>\n<p>\\&#8221;Trust me, any day now\u2026\\&#8221; is only believable for so many years. It&#8217;s hard to keep faith while\u2026<\/p>\n<p>\u2014 Jesse Powell (@jespow) <a href=\\\"https:\/\/twitter.com\/jespow\/status\/1727514704480989672?ref_src=twsrc%5Etfw\\\">November 23, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<p>In his view, the game has become \\&#8221;more fair\\&#8221; after an agreement between the U.S. Department of Justice and Binance, under which the latter <a href=\"https:\/\/forklog.com\/en\/news\/media-changpeng-zhao-to-step-down-as-binance-to-pay-4-3-billion-in-penalties\">will pay $4.3 billion<\/a> as a penalty in settlement of criminal claims.<\/p>\n<p><span data-descr=\\\"U.S. Securities and Exchange Commission\\\" class=\\\"old_tooltip\\\">SEC<\/span> <a href=\"https:\/\/forklog.com\/en\/news\/sec-sues-kraken-over-lack-of-registration\">filed suit<\/a> against Kraken&#8217;s parent companies, alleging a lack of registration as a trading platform.<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\"><p>\\n<\/p>\n<p>\\&#8221;The last 12 months have answered two nagging questions from shareholders: how are they moving so fast, and why are they getting away with it. It&#8217;s hard to keep faith when your market share is shrinking and all this is happening against the good guys,\\&#8221; Powell wrote.<\/p>\n<p>\\n<\/p><\/blockquote>\n<p>He added that \\&#8221;every crafty transaction\\&#8221; gives the government the chance to make the crypto industry a scapegoat. Consequently, the market cannot rely on timely protection from authorities, so self-policing is necessary, the Kraken chief said.<\/p>\n<p>He believes that <a href=\"https:\/\/forklog.com\/en\/news\/sec-files-suit-against-coinbase-exchange\">Coinbase<\/a>, <a href=\"https:\/\/forklog.com\/en\/news\/sec-drops-charges-against-brad-garlinghouse-and-chris-larsen\">Ripple<\/a> and Kraken itself have become easy targets for the SEC in its own backyard.<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\"><p>\\n<\/p>\n<p>\\&#8221;The simplest thing you can do is to use and direct people to services that fight these battles (for example, Kraken), which are playing the long game and serve as a good example for the industry,\\&#8221; the exchange chief proposed as a solution to the problem.<\/p>\n<p>\\n<\/p><\/blockquote>\n<p>Earlier, Jesse Powell <a href=\"https:\/\/forklog.com\/en\/news\/jesse-powell-criticises-sec-after-kraken-lawsuit\">criticized<\/a> the Commission after the lawsuit against the company, calling the agency \\&#8221;the main brake\\&#8221; on the crypto market. He also warned businesses about the need to \\&#8221;flee the United States\\&#8221;.<\/p>\n<p>In February Kraken <a href=\"https:\/\/forklog.com\/en\/news\/kraken-to-pay-30-million-to-settle-sec-charges\">agreed to pay $30 million<\/a> to settle the dispute with the SEC over the <a href=\"https:\/\/forklog.com\/en\/news\/what-is-staking-and-how-to-make-money-from-it\">staking<\/a> program.<\/p>\n<p>In March the FBI <a href=\"https:\/\/forklog.com\/en\/news\/fbi-searches-jesse-powells-home\">conducted a search<\/a> at Powell&#8217;s home as part of a criminal investigation into charges of hacking the nonprofit organization he founded.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Kraken cryptocurrency exchange &#8216;is playing the long game&#8217;, despite the emergence of &#8216;new reputational threats&#8217; to the industry, said Jesse Powell, co-founder of the platform.<\/p>\n","protected":false},"author":1,"featured_media":87437,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1440,193],"class_list":["post-87436","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-jerome-powell","tag-kraken"],"aioseo_notices":[],"amp_enabled":true,"views":"10","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/87436","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=87436"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/87436\/revisions"}],"predecessor-version":[{"id":87438,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/87436\/revisions\/87438"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/87437"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=87436"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=87436"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=87436"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}