Kraken CEO criticizes US authorities for sanctions against Tornado Cash

by in Cryptocurrency News

Jesse Powell

The imposition of sanctions against the Tornado Cash cryptocurrency service caused discontent among many experts and businesses focused on the blockchain industry. Jesse Powell, CEO of the Kraken exchange, joined the critics of the decision of the US Treasury.

He believes that limiting the opportunities of American citizens is a violation of their constitutional rights.

He stated: "People have a right to financial privacy. Let's see how the court reacts now."

At the same time, Kraken, as well as Circle, blocked the addresses associated with Tornado Cash to comply with the sanctions regime.

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Accounts were blocked when there was no need to, and the state can provide security through other tools, Powell said.

According to the CEO of Kraken, the authorities of the United States and other countries have taken the path of repression against industry participants after the May collapse of the Terra ecosystem and its UST and LUNA tokens.

Indeed, many criminals use services to mix cryptocurrency transactions. However, law-abiding citizens also send and receive funds through such platforms as they seek privacy.