Kraken Lianchuang criticized the SEC for abusing its power for extortion and suggested that encryption companies consider withdrawing from the US market

Odaily News Kraken co-founder Jesse Powell criticized the SEC’s recent lawsuit against his company on the X platform. Powell condemned the SEC’s action and suggested that crypto companies consider exiting the U.S. market. He calls the SEC Americas top decelerate, a phrase commonly used in the tech world to describe entities that stand in the way of progress. Powell expressed dissatisfaction with the SEC’s approach and suggested that the regulator is using its power to extort funds from companies in the crypto industry. Powell said the cost of fighting the SEC could exceed $100 million, which many companies in the industry cannot afford. Amid this financial burden and the SEC’s aggressive stance, Powell suggested other crypto companies consider moving their operations outside the United States. (Cryptopolitan) Earlier today, the U.S. SEC accused Kraken of mixing customer funds and the company’s own funds while operating unregistered exchanges, brokerages, and clearing agencies. In response, Kraken posted on the X platform that Kraken did not agree with the SEC’s claims and planned to vigorously defend its position.