Key Takeaways:
- Kraken co-founder Jesse Powell is suing a San Francisco co-op board, alleging they blocked his home purchase due to his crypto ties and political views.
- The lawsuit claims Powell was unfairly denied without a clear reason, despite meeting financial requirements.
- Powell’s case highlights broader concerns from crypto executives about discrimination and regulatory pressure in the U.S.
Kraken co-founder Jesse Powell has filed a lawsuit against the management of a luxury San Francisco co-op building, alleging they blocked his home purchase due to discrimination against his cryptocurrency ties, political views, and an FBI investigation into him.
The lawsuit, filed on February 5 in San Francisco Superior Court, claims the board at 2500 Steiner Street denied his purchase without a clear explanation.
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
Powell believes his association with crypto, which he says the board “looked down on,” and his public support for conservative causes influenced their decision.
The suit specifically names venture capitalist Bruce Golden, a Democratic donor, as a key figure in preventing the sale.
Powell, who donated $1 million to support Donald Trump’s campaign, claims the building is known as a stronghold for San Francisco’s Democratic elite.
2/2 The story's in the complaint. I feel bad for the sellers, forever trapped in their co-op. It sucks for SF to have this unit vacant and one less entrepreneur returning. It sucks for LA to not have one more house available rn. The selfish fragility of these bubble dwellers is🤯
— Jesse Powell (@jespow) February 5, 2025
He was initially rejected in October over financial concerns, but he argues the reasoning shifted and remained vague even after he provided additional documentation.
Powell is seeking legal remedies, including court enforcement of the sale and damages.
His lawsuit aligns with broader concerns among U.S. crypto executives who claim they face unfair restrictions under the Biden administration.
The co-op board and Golden have not publicly commented on the case.
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