Jesse Powell, the co-founder of cryptocurrency exchange Kraken, has sued a San Francisco luxury co-op. He claims the board blocked his attempt to buy a home because of his connections to the crypto industry and political beliefs.
Details of the Lawsuit
Powell’s lawsuit, filed in San Francisco Superior Court, targets the board of the 2500 Steiner Street building, which has 12 high-end residential units. Powell says the board’s refusal to accept his offer was discriminatory and lacked valid reasons. It is worth noting that the lawsuit claims the board did not give an apparent reason for rejecting Powell’s offer to buy a unit in the building.
Meanwhile, Powell, a well-known figure in the cryptocurrency industry, believes that his connections to crypto, his support for conservative causes, and a past FBI search of his home may have influenced the board’s decision. In his lawsuit, Powell argues that his political beliefs and professional connections should not lead to discrimination in housing choices.
Kraken CEO Affirms the Board is Against His Purchase
Powell agreed to buy the unit last year but needed approval from nine of the 11 non-selling co-op members and the board. He claims the board intentionally delayed the process so the sale wouldn’t go to a vote. Not long after, Powell’s bid was denied. The board said there were financial concerns, and he did not provide a signed tax return.
He argued the tax return was not required for the deal, but he still submitted extra financial documents. Despite this, the board and non-selling members rejected his bid without explanation in late 2024. It remains to be seen what the outcome of the lawsuit will be.
Jesse Powell Donates $1M to Donald Trump’s Campaign
Meanwhile, Jesse made headlines last year with his $1 million donation to the now-United States President Donald Trump’s campaign. As reported by TheCoinRise, the significant contribution is primarily composed of Ether, showcasing Powell’s continued support for the digital currency landscape and Trump’s political endeavors.
The donation from the Kraken CEO highlights the growing intersection between the cryptocurrency world and politics. His support for Trump is not entirely surprising, given his previous public endorsements and advocacy for policies aligning with the former president’s agenda.
Recall that the U.S. Securities and Exchange Commission (SEC) scored a partial legal victory in its case against crypto exchange Kraken. A federal judge ruling dismissed a key defense brought by the company. Judge Orrick affirmed that the SEC’s actions against the exchange did not overstep its delegated authority.
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