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Jesse Powell, the co-founder of cryptocurrency exchange Kraken, has sued the co-op board of a high-end apartment building in San Francisco for blocking him from buying a unit because of his ties to the cryptocurrency industry and political affiliations.
Powell’s legal team, which sued the board of 2500 Steiner Street, a prestigious 12-unit building, in San Francisco Superior Court on February 5, alleges that the board discriminated against him by denying his purchase application.
It complains that Jesse Powell was not informed by the board why it had declined and was subjected to biased treatment tied to his involvement in crypto, FBI investigation this year and support for conservative politics.
Jesse Powell’s Crypto Industry Ties Allegedly Factor Into Discriminatory Denial
The suit points to Powell, a well-known figure in the crypto world, saying he was the victim of his industry connections, ‘looked down on’ by the co-op members. The document also mentions elements of Jesse Powell’s political position, including his $1 million donation to support Donald Trump’s Republican candidate in the 2020 presidential election, possibly causing the rejection.
It comes at a time when some in the crypto industry have complained about being squeezed by growing obstacles to entering the conventional banking and finance services of the industry, which many say is especially true under the Biden administration.
Powell’s Legal Battle Highlights Broader Issues of Discrimination in Finance
Federal Deposit Insurance Corporation (FDIC) so-called “pause letters” soliciting the banks to examine their ties with crypto business are the subject of Powell’s lawsuit. On February 5, Powell posted on X (formerly Twitter):
“Frankly, I’m fed up with condescending, elitist bigots unlawfully discriminating against me.”
Powell’s complaint then takes aim at Bruce Golden, a venture capital partner at Accel and a well-known Democratic donor, whom Jesse Powell says was the glue that stopped the sale. Golden claims that he made it his mission to block the transaction. Co-op representatives and Bruce Golden could not be reached for comment.
1/2 I tried everything to avoid filing this lawsuit. Frankly, I'm fed up with condescending, elitist bigots unlawfully discriminating against me. This time it's housing in San Francisco. I had hoped to return to take part in the revitalization of the city. https://t.co/mRi4TpVo1X pic.twitter.com/1CbjlmLvx2
— Jesse Powell (@jespow) February 5, 2025
Co-op Board’s Relentless Efforts to Block Powell’s Real Estate Deal
In September of 2023, according to the legal filing, Jesse Powell had agreed on a purchase price of the unit she purchased, as well as approval from nine of 11 co-op members and the board of the building.
The board worked relentlessly to not have the deal move to a vote before shareholders, and that ultimately led to late November rejection of his offer, Powell said. Powell insists that he never signed a tax return, and the board cited a ‘financial issue’, saying he had not furnished a signed return when the matter came before the board.
Powell Seeks Legal Action to Finalize Purchase and Claim Damages
Powell said he was hit with further rejection and that he had had to submit more financial documents after that without any specific explanation. It is now suing to force the completion of the purchase agreement and seeks various damages, including interest and other relief.
This case brings out the unresolved conflicts between politics, cryptocurrency and real estate markets of major cities like San Francisco. By being part of Jesse Powell’s lawsuit that is yet to unfold, it would likely highlight the experiences crypto executives and crypto supporters go through in one more industry that suffers discrimination.
Conclusion
Powell’s ongoing legal fight asks us to review current discrimination standards in property transactions along with crypto marketwork and political preference. Powell demands a legal order to make their agreement official while requesting various forms of compensation because the board has not clarified their reasons.
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FAQs
- Why did Jesse Powell sue the co-op board?
Powell sued after the board allegedly blocked his purchase due to his ties to cryptocurrency, political views, and an FBI investigation. - What reasons did the board give for denying Powell’s purchase?
The board claimed a “financial issue” related to a missing tax return, but Powell asserts this was never required. - How does Powell’s lawsuit relate to the crypto industry?
The lawsuit highlights the challenges crypto executives face, including discrimination in accessing banking and real estate. - What is Powell seeking from the lawsuit?
Powell wants the purchase completed and is seeking damages, interest, and other legal relief.
Glossary of key term
Crypto Exchange: A platform for trading cryptocurrencies.
Co-op: A housing model where residents own shares in a building.
Pause Letters: FDIC notices urging banks to reassess ties with crypto businesses.
Venture Capital: Investments made by firms like Accel in startups.
Tax Return: A financial document submitted to the government detailing income and taxes.
Board Approval: Required approval from a co-op board for property sales.
Political Donations: Financial contributions to political campaigns, like Powell’s donation to Trump’s bid.
