Jesse Powell, the CEO of Kraken, explains why the company’s offices in San Francisco were shut down.
One of the first Bitcoin exchanges was Kraken. They also had a headquarters in New York. However, in 2015, New York adopted a harsh BitLicense law, prompting Powell to permanently remove Kraken from the Big Apple.
Powell chose to remove Kraken from San Francisco in April. Because of the growing lawlessness in the city, such as crimes and drug addiction, Powell decided to throw in the towel and close the headquarters in San Francisco.
Powell: Frisco is Deteriorating
In terms of safety and cleanliness, the city has “deteriorated,” according to Powell. When he first moved to the state in 2013, it was a distant memory. It’s completely changed. Chesa Boudin, the District Attorney of San Francisco, is the one who sets Powell off.
She was elected after unprecedented protests in response to the 2019 death of George Floyd by a Minneapolis police officer. Since then, the District Attorney has fought for reforms aimed at eliminating cash bail, enforcing police accountability, incarceration, and other issues.
Boudin’s changes appear to have exacerbated the situation in San Francisco. Crime appears to have increased as a result of people having this justification for committing crimes.
Prison is not the ideal place for oppressed people to be. However, as Powell points out, prison is a strong and effective deterrent to crime.
Despite Federal Rules, Kraken Strikes Back
Because of its adamant opposition to regulatory changes, Kraken has elicited conflicting emotions in the crypto community. Many individuals agree with Powell’s opinions and support his recall effort.
Coinbase, Kraken’s competitor, shuttered its San Francisco headquarters in February, claiming a different reason, such as the pandemic.
Kraken clearly desired to represent a decentralized organization, which can only be accomplished if it can operate without a physical headquarters.
If Boudin is retained as DA, Powell believes it will take some time. Powell believes the city is unsafe, especially with a district attorney who favors criminals over the rights and safety of law-abiding individuals.
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