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

The CEO of cryptocurrency exchange Kraken Jesse Powell believes that US regulators may try to “repress” the digital asset industry.

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interview Powell said on CNBC 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.

“Such rules can really harm cryptocurrencies and destroy the original purpose of digital currencies – to provide access to financial services to anyone,” said CEO Kraken.

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:

“Perhaps the genie has already been released from the bottle. Trying to ban cryptocurrencies now will make them even more attractive. This will be a clear sign that the government considers cryptoassets to be the best alternative to the national currency. ”

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.

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