The Federal Bureau of Investigation (FBI) has concluded its criminal probe into Kraken founder Jesse Powell without filing any charges, with all seized electronic devices returned to the executive.
The investigation centered exclusively on a dispute involving the Verge Center for the Arts—a nonprofit organization co-founded by Powell—and contained no connection to cryptocurrency operations or Powell’s leadership at Kraken.
Powell expressed relief regarding the closure, confirming plans to refocus professional efforts on Kraken while continuing civil litigation against Verge Center board members over unresolved nonprofit governance issues.
This development highlights the intense regulatory scrutiny faced by crypto industry leaders while simultaneously reinforcing the market’s need for legal transparency. The resolution is viewed positively by Kraken and broader crypto stakeholders as it removes criminal uncertainty regarding Powell.