Following Binance’s $4.6 billion settlement and CZ’s resignation, Jesse Powell, co-founder of cryptocurrency exchange Kraken, said: It takes X (Formerly Twitter) A look at the challenges facing the cryptocurrency industry. Powell talks about the ongoing struggle, the need for self-regulation, and Kraken’s commitment to playing the long game. Additionally, his remarks came on the heels of a settlement with Binance that was one of the largest fines ever paid in the crypto sector.
“Over the past 12 months, we’ve answered two nagging questions from shareholders: 1. How are they going so fast? 2. How are they getting away with it?” Powell said. said.
Mr. Powell subtly questions the credibility of long-standing promises within the industry, such as “Trust me, always…” He highlights the challenge of maintaining trust as market share declines and the industry’s “good people” appear to be targeted.
Agreeing with Kraken’s approach, Powell emphasized the importance of long-term thinking and described the crypto industry as like a marathon. He emphasized the need to set an example, citing the unfortunate fate of like-minded comrades who were waiting for justice but received no consolation.
Powell warns that non-compliant businesses will harm the cryptocurrency industry
Powell warned that each noncompliant entity would damage the reputation of the entire cryptocurrency industry and invite increased government scrutiny. “It is clear that we cannot expect timely protection. We must police ourselves,” he urged.
Powell encouraged crypto users and investors to engage deeply in policy discussions and support exchanges aiming for long-term legitimacy, rather than pursuing short-term profits with lax compliance.
Kraken’s co-founder acknowledges that while services like Kraken may not offer 0-KYC accounts or the most exotic products, they are contributing to the sustainability of the industry. The tweet appeals to users to prioritize longevity over short-term profits and prevent further spread of an avoidable collective black eye on the crypto sector.