FBI Ends Investigation into Kraken Co-Founder Jesse Powell

On July 22, 2025, the FBI officially ended its investigation into Jesse Powell, former CEO of Kraken and founder of Verge Center for the Arts. This development marks the return of devices seized two years ago, affirming Powell’s claims of innocence.

The significance of this event lies in its legal resolution for Powell, potentially impacting his future actions against Verge board members. Importantly, the case had no connection to Kraken’s operations or the broader cryptocurrency market.

FBI Clears Powell, Confirms Nonprofit Focus

The FBI concluded its inquiry into Jesse Powell, which started due to internal issues at Verge Center for the Arts, not linked to Kraken. Devices seized during the investigation were returned, which Powell noted demonstrated his lack of involvement in any wrongdoing. FBI public corruption investigations offer relevant procedural context.

Powell’s plans for further legal action against Verge board members highlight ongoing tensions. He claims harm to his personal and professional reputation, asserting the need for civil lawsuits to address his grievances. These developments underscore the legal disputes prevailing over nonprofit operations. As Powell himself said, “We have reason to believe Verge provided a one-sided account that did not provide the government with the full picture, which would have shown that he did nothing wrong.”

Responses from the crypto community and industry leaders were largely absent, as the issue revolved around nonprofit governance, not affecting Kraken’s financial health. With Powell’s attorney affirming his innocence and plans for further legal steps, the matter remains prominent within the arts organization.

Bitcoin Market Stays Steady Amid Legal News

Did you know? Despite past FBI probes into crypto executives linked to corporate activities, Powell’s focus was entirely on nonprofit governance, distinguishing his case from direct financial allegations.

As of July 22, 2025, Bitcoin stands at $118,698.27 with a market cap of $2.36 trillion, holding 60.23% market dominance. Over the past 24 hours, trading volume reached $76.94 billion, a 14.09% increase. Despite a minor price drop of 0.42% in the past day, Bitcoin exhibited stable growth over 30 and 90 days, with significant increases of 19.36% and 27.42%, respectively. Data sourced from CoinMarketCap.

Potential outcomes from the Coincu research team suggest legal clarity might enhance Powell’s future endeavors and advocacy in nonprofit sectors. However, no immediate impact on cryptocurrency trading or regulatory policy shifts is anticipated, given the distinct separation between the two entities. This is similar to what happened when SEC dropped its investigation into another prominent case.