So Kraken was targeted first by the SEC, then by the IRS and now the FBI searched the CEO's home and made seizures on what appears to be very dubious and weak grounds and charges. I was a bit skeptic that the government was all-out anti-crypto in the US b

Several weeks back Kraken was fined by the SEC for issuance of unregistered securities, mainly to do with their staking as a service. Kraken is one of the few companies to quickly settle the case with the SEC and paid a 30 million fine, unlike companies like Coinbase and Gemini who fight their case in court. But this was not enough for government.

Very recently, Kraken was then a target by the IRS where they requested customer information from the IRS with courts siding with/ordering Kraken to turn over customer data.

Then yesterday reports were released that the FBI searched the home of Kraken CEO Powell and seized a bunch of his equipment and personal items in connection to claims that he hacked and cyber-stalked a nonprofit that he founded. They state that he "had interfered with its computer accounts, blocking access to emails and other messages". Amazingly, reports state that A spokesman for the U.S. attorney’s office for the Northern District of California declined to confirm whether an investigation was underway. Now that's wild! They can't even say whether he's being inbestigated after barging in and seizing his items. On top of the the accusations against him seem pretty weak especially for grounds to simply invade his property and seizure.

There are also perhaps related, perhaps unrelated claims in that lawsuit by a former "Kraken employee" accusing the firm of earning revenue from accounts in countries that were under U.S. sanctions, and claimed Kraken’s bank accounts were missing millions of dollars of customer deposits.

https://www.nytimes.com/2023/07/06/technology/jesse-powell-kraken-crypto-fbi.html

https://finance.yahoo.com/news/kraken-ordered-hand-over-customers-025130829.html

https://www.sec.gov/news/press-release/2023-25