Kraken’s Jesse Powell sues San Francisco co-op for alleged crypto discrimination

The co-founder of Kraken Jesse Powell accuses a San Francisco cooperative of refusing her unit purchase for discrimination for her links with cryptocurrency and political trends.

According to a trial Pilled by the Powell legal team on February 5, Powell alleged that the San Francisco cooperative, twenty-five hundred Steiner Street Inc., violated California’s Fair Employment Housing Act and California’s Unruh Act by discriminating against him when He denied his candidacy to buy an apartment.

THE Kraken Exec shared details concerning the trial on its X account On February 6, saying that he tried to avoid lodging a complaint but decided to continue.

“Frankly, I’m fed up with condescendants and elite fanatics illegally discriminating against me,” said Powell in his job.

The trial affirms that the cooperative “never gave Mr. Powell a direct response for his refusal, offering only the obscure and the displacement of the pretexts to hinder, then ultimately denying the sale.”

Powell allegedly alleged that the members of the cooperative had blocked its purchase because of its involvement in the cryptography industry and its conservative trends. The trial also alleged that the FBI investigation into his home in 2023 had also contributed to the overhaul of his sale.

“Traditional political power brokers consider cryptocurrency as a threat to their monetary policy, fear how it can empower ordinary individuals and consider cryptocurrency as a speculative and volatile asset,” wrote the team Powell’s legal in the file.

Powell is a renowned figure in the cryptographic sphere for its role in the co-founding of the exchange of Crypto Kraken. Kraken recently revived its platform in the UNITED STATES After SECOND ordered its closure in 2023.

Although Powell was not affiliated with any political party, in June 2024, he gave a sum of $ 1 million to Donald Trump Presidential campaign. On the other hand, the trial claims that the apartment building Powell wanted to buy is known as a “bastion of the Democrats of power of San Francisco” because of most of its Democratic residents.

The trial specifically highlights Bruce Golden, partner of the Accel venture capital company. Powell alleges that Golden, who, according to the trial, is a major donor for democratic organizations, “went personally to deny the sale”.

The co-founder of Kraken initially made an offer for the San Francisco unit in September 2024, receiving the approval of nine of the 11 cooperative members not sold and of the Board of Directors. However, in October 2024, the purchase of Powell was blocked by the Board of Directors, citing financial concerns and its inability to provide a declaration of income signed.

Powell argued that a signed income declaration has never been mentioned above as a requirement and that the council has never officially asked for it. He ended up submitting the required documents, but the sale had already been rejected by the Board of Directors and the members who are not sold in late November.

Powell’s trial finally asks the court to allow him to finish the sale of the apartment unit and give him damages, interest and additional repairs.