Kraken co-founder: Binance's settlement makes the game fairer, calling for self-regulation in the crypto industry

ChainCatcher news, Kraken co-founder Jesse Powell stated that despite the U.S. Department of Justice reaching a historic criminal settlement with Binance and the SEC just filing a new lawsuit against Kraken, Kraken is "playing the long game." Powell mentioned in an article that with Binance paying a $4.3 billion fine, the game feels "fairer."

Powell pointed out that facing new threats to the industry's reputation, he believes every illegal operation is an opportunity for the government to target cryptocurrency, calling for self-regulation within the industry, as timely protection cannot be expected. Powell also mentioned Coinbase and Ripple in the article, stating that they, like Kraken, are "easy targets" for the SEC.

Previously, the SEC had accused Kraken's parent company of offering its crypto asset staking rewards service without registration, ultimately resolving the accusation by paying a $30 million settlement. Powell remarked that this is just the beginning of the SEC's extortion, emphasizing that $30 million can only sustain operations for about 10 months. He suggested that crypto companies unable to bear high legal costs should leave the U.S.