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Karken CEO, Jesse Powell responds to AG Schneider’s letter

Laira Rebecca

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Karken CEO, Jesse Powell is reluctant to respond to AG Schneider’s letter
Source: Wikimedia Commons

A recent tweet by Jesse Powell, the CEO, and Co-Founder of Kraken shows a negative comeback in return to the New York Attorney General’s letter to all the exchange platforms.

The San Francisco based cryptocurrency exchange platform is one among the 13 firms targeted by AG. Schneiderman. Some of the exchange platforms responded positively to the letter, however, Powell decided to go against it.

Jesse Powell tweeted:

“Somebody has to say what everybody’s actually thinking about the NYAG’s inquiry. The placative kowtowing toward this kind of abuse sends the message that it’s ok. It’s not ok. It’s insulting.”

In 2015, Kraken announced that it would leave New York due to the BitLicense’s cryptocurrency regulatory framework.

Jesse added:

I realized that we made the wise decision to leave New York three years ago and that we can dodge this bullet.”

Jesse believes that this is not the way to address such issues and the Kraken team is happy to help the government understand the whole business process directly. He also thinks that New York is belligerent to cryptocurrency and many other businesses.

A Bitcoin Enthusiast says:

“What a stroke the NY Ag will have when Dexs and Atomic Swaps will operate and Entities like the NY Ag and SEC will have nothing to say about it.  The AG and SEC are only good at closing the door after the horse is glue. Bitcoin will change finance in ways not yet understood.”

A supporter of US government on Twitter says:



“Jesse, why not answer the questions instead of beating around the bush about lunch invitations and phone calls? These are important questions that require detailed written answers. We can’t have rampant financial fraud that funds hostile regimes and crime gangs. @AGSchneiderman

Theo Chino, a Twitterati commented:

“You going to have to explain how running away is the right choice? Switzerland had to change his bank secrecy laws because of NYDFS. You should join me instead. New York is like a cyclone, anyone away from the center of the eyes is dangerous. I am in that center.”

According to the officials at AG’s office, the questionnaire contains legitimate points and all the credible platforms must have the basic information which should be disclosed to their customers.





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Laira is a full-time writer at AMBCrypto. She is a Computer Science graduate and she has about 1-year experience in writing. Her enthusiasm and keen interest in developing her knowledge about blockchain and cryptocurrency led her to be a part of AMBCrypto. She currently does not hold any value in cryptocurrency or its projects.

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Bitcoin

Bitcoin’s [BTC] biggest threat is its users, not governments, says Bitcoin.org’s Cobra

Febin Jose

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Bitcoin’s [BTC] biggest threat is its users, not governments, says Bitcoin.org’s Cobra
Source: Pixabay

Bitcoin [BTC], the world’s largest cryptocurrency, saw a significant surge earlier this month, helping the coin break strong resistance at $5,000 and $5,200. Following the great fall of the king coin in early 2018, the Bitcoin ecosystem was struggling with scalability and technological issues, eventually leading to the hard fork.

Bitcoin.org’s Cobra, who is also the co-owner of Bitcointalk.org, has always maintained that Bitcoin was the cryptocurrency to look out for through his various Twitter bouts with prominent personalities in the cryptoverse. Due to his strong, unbridled support for Bitcoin, he has often trashed altcoins for their low market dominance.

In a new Twitter thread, Cobra spoke about the “biggest threat” to the Bitcoin ecosystem. Even though many crypto-enthusiasts believe that governments and technological issues were the biggest threats to the king coin, Cobra had a completely different opinion.

According to the Bitcoin maximalist, users have the potential to signal Bitcoin’s doom. His tweet read,

Source: Twitter

Source: Twitter

Though most Bitcoin supporters usually support his opinions, this tweet was met with a lot of resistance. Twitterati swarmed the thread in an attempt to prove him wrong. A user named @MrHodl alleged that this could not be true as Bitcoin had “no community.” He added that this, in turn, prevented toxicity in the ecosystem.

Cobra replied to the tweet stating,



“I think there is a community, it’s just not fully representative of everyone with a stake in Bitcoin. Most holders are quiet and not too familiar with what’s going on. There’s people with 1000+ BTC and they don’t engage at all with discussion platforms, just lurk.”

Some Twitter users took it as an attack on Bitcoin investors and opposed Cobra’s stance. A user @CarstenBKK commented,

“Maybe I am lost in translation. What do you wanna tell us? That you are part of Bitcoin network of people owning/using it, but you are just disgusted by the idea, that the network is called community in the sense of direct human collaboration and affection to the groups ideals?”

Previously, Cobra had accused Twitter’s Jack Dorsey and Square Crypto of pandering to Bitcoin users, while also suggesting that the crypto project was merely a way to bring in more users for Dorsey’s CashApp. His tweet read,

“Gotta respect how hard @sqcrypto is pandering to Bitcoiners. Very clever how @Jack has embedded himself in the community; in return the community promotes @CashApp, which gives that service a small but dedicated and activist group of early users.”





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