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Key Takeaways:
FBI Investigation: In March 2023, the FBI searched Jesse Powell’s Los Angeles home to investigate allegations of hacking and cyberstalking related to a nonprofit arts organisation he founded. Electronic devices were seized during the search.
Company Culture Controversy: In June 2022, Powell addressed internal conflicts at Kraken, highlighting that a small group of employees were not aligned with the company’s “crypto-first culture.” He emphasised the importance of focusing on the company’s mission over what he described as “minor slights” and “first-world problems.”
Stepping Down as CEO: In September 2022, Powell announced he would step down as CEO of Kraken, citing that the role had become “draining” and “less fun” as the company expanded. He transitioned to the role of chairman of the board while remaining the company’s largest shareholder.
Jesse Powell, co-founder and former CEO of the cryptocurrency exchange Kraken, has filed a lawsuit alleging that he was denied housing because of his association with the crypto industry.
Overview
On February 5 2025, Powell’s attorneys filed a lawsuit in San Francisco’s Superior Court, claiming that the board of 2500 Steiner Street engaged in discrimination by preventing him from purchasing a unit and failing to provide a clear explanation for the denial.
This legal action highlights individuals’ challenges in the crypto sector, extending beyond regulatory scrutiny to personal aspects of life. Powell posted, “Frankly, I’m fed up with condescending, elitist bigots unlawfully discriminating against me.”
Allegation of Housing Discrimination
In his lawsuit, Powell claims that a property owner refused to rent him a residence upon discovering his house was searched by the FBI in early 2023, his support for widely recognised conservative causes, and ties to the crypto industry, which he alleged was viewed negatively by co-op members.
He asserts that this denial was based solely on his professional background, which he argues constitutes unlawful discrimination. The lawsuit seeks damages for the alleged discriminatory act, emphasising the need for equal treatment regardless of one’s industry affiliation.
Broader Implications for the Crypto Community
This incident underscores a broader issue within the crypto community, where individuals often face prejudice due to misconceptions about the industry. Despite the growing mainstream acceptance of digital assets, there remains a stigma that can lead to unfair treatment in various sectors, including housing.
The lawsuit emerges as numerous US crypto executives argue that they were significantly restricted from accessing financial and banking services during the Biden administration. It highlights the “pause letter” the Federal Deposit Insurance Corporation issued to banks regarding their crypto-related operations. Powell’s case could set a precedent for how such matters are addressed legally, potentially influencing future instances of discrimination against crypto professionals.
Powell’s Ongoing Legal Challenges
This lawsuit adds to Powell’s existing legal battles. Earlier, the FBI searched his Los Angeles home as part of an investigation into allegations of hacking and cyberstalking related to a nonprofit organisation he founded. While these allegations are unrelated to his housing discrimination claim, they contribute to Powell’s complex legal landscape.
Jesse Powell’s lawsuit brings to light the personal challenges that can accompany professional involvement in the cryptocurrency industry. As the case progresses, it may have significant implications for anti-discrimination protections and the perception of crypto professionals in society.