Kraken founder: regulators ignore fraud warnings and deliberately condone wrongdoers until they are too big to be destroyed

According to reports, Jesse Powell, the founder and CEO of Kraken, tweeted that the regulators ignored their warnings about fraud and fraud and deliberately connived at the perpetrators until they were too big to destroy. Their plan was: 1. Destroy the capital/resources in the encryption ecosystem; 2. Let users become victims and prevent adoption; 3. False protection is actually attacking good people.

Interpretation of this information:

The tweet from Jesse Powell, founder and CEO of Kraken, expresses his frustration with regulators who allegedly ignored warnings about fraud and failed to take action until the perpetrators had already become too powerful to be destroyed. Powell accuses these regulators of deliberately conniving with the fraudsters, at the expense of honest businesses and users.

The first part of Powell’s tweet outlines what he believes to be the regulators’ plan: to destroy the capital and resources of the cryptocurrency ecosystem, which would prevent adoption and make users victims. This is a serious allegation, and Powell does not provide any evidence to back up his claim. However, given the sometimes-hostile relationship between the cryptocurrency community and regulators, it is not surprising that some people in the industry would feel this way.

In the second part of the tweet, Powell goes on to suggest that so-called “false protection” is actually attacking good people. Again, he does not provide any specifics, but it’s possible that he is referring to regulations or policies that are intended to protect users but actually end up harming legitimate businesses.

Overall, Powell’s tweet can be seen as a criticism of regulators who may be failing to keep up with the rapidly-changing cryptocurrency industry. While some regulations are necessary to protect consumers from fraud, there is often a fine line between regulation and stifling innovation. It’s possible that Powell and others in the cryptocurrency community feel that regulators are crossing that line and harming the industry as a result.