Karken CEO, Jesse Powell responds to AG Schneider’s letter

A recent tweet by Jesse Powell, the CEO, and Co-Founder of Kraken shows a negative comeback in return to the New York Attorney General’s letter to all the exchange platforms.

The San Francisco based cryptocurrency exchange platform is one among the 13 firms targeted by AG. Schneiderman. Some of the exchange platforms responded positively to the letter, however, Powell decided to go against it.

Jesse Powell tweeted:

“Somebody has to say what everybody’s actually thinking about the NYAG’s inquiry. The placative kowtowing toward this kind of abuse sends the message that it’s ok. It’s not ok. It’s insulting.”

In 2015, Kraken announced that it would leave New York due to the BitLicense’s cryptocurrency regulatory framework.

Jesse added:

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I realized that we made the wise decision to leave New York three years ago and that we can dodge this bullet.”

Jesse believes that this is not the way to address such issues and the Kraken team is happy to help the government understand the whole business process directly. He also thinks that New York is belligerent to cryptocurrency and many other businesses.

A Bitcoin Enthusiast says:

“What a stroke the NY Ag will have when Dexs and Atomic Swaps will operate and Entities like the NY Ag and SEC will have nothing to say about it.  The AG and SEC are only good at closing the door after the horse is glue. Bitcoin will change finance in ways not yet understood.”

A supporter of US government on Twitter says:

“Jesse, why not answer the questions instead of beating around the bush about lunch invitations and phone calls? These are important questions that require detailed written answers. We can’t have rampant financial fraud that funds hostile regimes and crime gangs. @AGSchneiderman

Theo Chino, a Twitterati commented:

“You going to have to explain how running away is the right choice? Switzerland had to change his bank secrecy laws because of NYDFS. You should join me instead. New York is like a cyclone, anyone away from the center of the eyes is dangerous. I am in that center.”

According to the officials at AG’s office, the questionnaire contains legitimate points and all the credible platforms must have the basic information which should be disclosed to their customers.

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