The cryptocurrency community loves few things better than outspokenness – perhaps excepting, putting one’s money where one’s mouth is.
The CEO of the cryptocurrency exchange Kraken, Jesse Powell, donated $1 million to the nonprofit Coin Center on Monday night at the advocacy organization’s annual gala in New York City. He also pledged to match any donation to Coin Center until the end of the month, up to $1 million. This was the largest single donation ever made to Coin Center, said Neeraj Agrawal, a spokesman for the Washington, D.C.-based think tank. Kraken was one of 13 exchanges that got an inquiry about “internal controls and safeguards to protect consumer assets” from former New York Attorney General Eric Schneiderman in April.
Powell refused to respond, unlike many competitors and said that his exchange would survive this because it left New York in 2015, because of what he called the state’s onerous regulatory approach.
Kraken’s donation won Powell a round of applause. Wearing a baseball cap, the long-haired entrepreneur made no remarks and let the donation speak for itself.
Satoshi walks into a bar…
A litany of cryptocurrency-themed jokes were delivered by Coin Center’s director of research, Peter Van Valkenburgh which were almost as warmly received.
The importance of coming together as a community to curb stifling regulation through transparency and education was the theme of the night. Jerry Brito, Coin Center director said a representative from the nonprofit has attended every congressional hearing related to cryptocurrency since 2013.
As several cryptocurrency industry experts said earlier in the day, the present regulatory environment for lawful exchanges could be aptly described as a mess. As ironic as it may seem, Brito told the audience donations like Powell’s help the community fight for “the cypherpunk dream.”