The FBI has closed its investigation into Jesse Powell, co-founder of the crypto exchange Kraken, drawing public attention.
Closing of Investigation
According to *Fortune*, the FBI has closed its investigation into Jesse Powell and returned property seized during a search of his home in 2023. The probe was unrelated to his role at the Kraken exchange and centered around allegations he accessed digital systems linked to the Verge Center for the Arts, a nonprofit he co-founded in 2008.
Powell's Political Activity
Powell, a prominent figure in crypto circles, has also become politically active in the 2024 election cycle, contributing $1 million in Ether to Donald Trump’s campaign. Trump appointees currently hold key positions in the FBI and Justice Department.
Regulatory Issues for Kraken
The Kraken exchange itself has faced regulatory scrutiny. In 2023, the SEC sued the exchange over allegations of operating without proper registration, but that case was dropped in March. This comes amid a broader trend of regulatory easing for the crypto sector.
The closure of the case against Jesse Powell and the easing of regulatory pressure on Kraken may impact the broader crypto industry.
