Just recently, Kraken’s CEO and co-founder, Jesse Powell tweeted a strong remark against the New York State’s Attorney General saying:
“NY is that abusive, controlling ex you broke up with 3 years ago but they keep stalking you, throwing shade on your new relationships, unable to accept that you have happily moved on and are better off without them. #getoverit”
But what has urged Powell to tweet such witty yet aggressive claims?
We all know that Kraken is one of the leading cryptocurrency exchange companies that was impacted by the New York State’s policy requiring Bitlicense for all business operations using digital currency. When this policy of regulation was adopted by New York, Kraken chose to move out of the New York jurisdiction rather than give in to hyper compliance. Current Federal regulations regarding Bitcoin are more than enough to stave off fraud.
Despite choosing to take his business elsewhere the NY AG cannot seem let things be. According to the report released by the AG, there exists an issue of transparency, fairness, and security of virtual asset trading platforms. The investigation asserts that crypto exchanges are prone to manipulation and are vulnerable to hackers. It further recommends that the crypto industry shall implement strict market surveillance systems that are similar to traditional trading venues. The question really is, does NY have the right to control a commodity/currency whenever it chooses?
Powell may be right in claiming the overly abusive and controlling nature of the New York State when it comes to Bitcoin exchanges and the entire crypto industry. The beauty of transacting using digital coins has its roots in the decentralized nature of the blockchain technology.
The entire purpose of bitcoin is to allow everyone to have control over their financial future. The AG thinks we should all ask permission to use any financial instrument. We need more leading figures like Powell to defend Bitcoin and the crypto industry in general from the excessive control of government authorities who often lack a complete knowledge of the entire blockchain technology. They have never had our best interests at heart. How could they? They do not understand they very thing they wish to regulate.