1/6 I understand the rationale for this request but, despite my deep respect for the Ukrainian people, @krakenfx cannot freeze the accounts of our Russian clients without a legal requirement to do so.
Russians should be aware that such a requirement could be imminent. #NYKNYC
2/6 That requirement could come from your own government, as we have seen in Canada, in response to protests, bank runs and attempts to flee the country.
It could come from foreign states, like the US, as a weapon to turn the Russian populace against its government's policies.
3/6 FWIW, I would guess that the vast majority of crypto holders on @krakenfx are anti-war. #Bitcoin is the embodiment of libertarian values, which strongly favor individualism and human rights. In Canada, crypto was the only financial rail left for those who opposed the regime.
4/6 Our mission at @krakenfx is to bridge individual humans out of the legacy financial system and bring them in to the world of crypto, where arbitrary lines on maps no longer matter, where they don't have to worry about being caught in broad, indiscriminate wealth confiscation.
5/6 Sometimes the hardest thing about having power is knowing when not to use it. Our mission is better served by focusing on individual needs above those of any government or political faction. The People's Money is an exit strategy for humans, a weapon for peace, not for war.
6/6 Besides, if we were going to voluntarily freeze financial accounts of residents of countries unjustly attacking and provoking violence around the world, step 1 would be to freeze all US accounts. As a practical matter, that's not really a viable business option for us.
/🧵
• • •
Missing some Tweet in this thread? You can try to
force a refresh
2/ I can be a runner and I can also be not running right now. Can I be a man and not be manning right now?
Well, how do you define "being a man"? It varies across time and people. Do I prove my identity by drinking beer and fixing cars or is it wearing powdered wigs & tights?
3/ The hard thing about labels, be it political party, religion or gender is that when you accept a label, you allow yourself to be defined by other people. The word is fixed but the definition is fluid. What it means to be a man or woman today is not what it meant 500 years ago.
1/ Problem with going ahead now is fines/penalties can be astronomical. Will a judge understand the complex issues and side against the government? Will SEC retaliate? Refusal to discuss merits is just more leverage to force a settlement/shutdown.
2/ “We won’t tell you why we think your product is illegal but we will tell you that there is no path to making it legal. Disagree? Go ahead and see what happens.” SEC is not the only regulator playing this game. It’s getting to be more common tactic because it works.
3/ US companies are being hobbled vs competitors because of selective enforcement. Is it protecting consumers? No. They’ll either go offshore to the many unbothered, freely operating alternatives or they will simply lose out on the opportunities offered by crypto.