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Jesse Powell: regulation can do a lot of harm to the cryptocurrency industry

Jesse-Powell-regulation-can-do-a-lot-of-harm Jesse Powell | CEO of cryptocurrency exchange Kraken

The CEO of cryptocurrency exchange Kraken Jesse Powell believes that US regulators may try to "repress" the digital asset industry. In an interview on CNBC, Powell said that the growth of the cryptocurrency market is attracting a lot of attention, including from regulators. 


He believes that American regulatory authorities may try to limit freedom in the cryptocurrency market. He is especially wary of the recommendations of the American Financial Crimes Network (FinCEN), presented in December last year, according to which it is necessary to identify the participants in a cryptocurrency transaction if its amount exceeds $ 3,000. 

"Something like that could really hurt crypto and kind of kill the original use case, which was to just make financial services accessible to everyone," 

he asserted.


According to Powell, American regulators have a rather "short-sighted" view of cryptocurrencies. But other countries, especially China, are extremely serious about cryptocurrencies and are considering long-term market prospects. However, a ban on digital assets in the US is unlikely.  

"Maybe the genie's out of the bottle and just trying to ban it at this point would make it more attractive. It would certainly send a message that the government sees this as a superior alternative to their own currency," 

said Jesse Powell.

 

In late March, the New Civil Liberties Alliance, a nonprofit civil rights organization, opposed FinCEN's recommendations and said such rules violate the US Constitution.  

SOURCE

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