- Jesse Powell, co-founder of Kraken, has sued a high-end apartment building’s co-op.
- Powell’s lawsuit alleges that the co-op board denied his bid without offering a legitimate explanation.
- Powell names venture capitalist Bruce Golden as the key figure behind the rejection.
The co-founder of leading cryptocurrency exchange Kraken, Jesse Powell, took to X (formerly Twitter) to announce a lawsuit that he has filed against a high-end apartment building’s co-op in San Francisco. The plaintiff claims that his bid to purchase a unit was blocked due to his ties to the crypto industry and his political ties.
The lawsuit filed on February 5, 2025, in San Francisco’s Superior Court, accuses the board of the 2500 Steiner Street co-op of discrimination and wrongful denial of housing. According to Powell’s legal team, the co-op refused to approve his purchase of a unit in the building without providing a clear or legitimate reason for its decision.
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Allegations of Political Discrimination
The legal team that filed the lawsuit stated in a legal document that Powell’s attempt to purchase the property was blocked because of his ties to the conservative political party and involvement in an FBI investigation over two years ago. Additionally, Powell’s $1 million donation to a presidential campaign could also be a reason for the discriminatory actions of the defendant.
Though Powell himself is not affiliated with any political party, his political donations and outspoken support for certain conservative causes seem to have caused friction with the predominantly left-leaning, Democrat-aligned residents of the 2500 Steiner Street building, which is described in the suit as “a bastion of San Francisco power Democrats.”
In his lawsuit, Powell specifically targets Bruce Golden, a venture capitalist and Accel partner, who is a member of the 2500 Steiner Street co-op board. Powell accuses Golden of leading the charge to block the sale, noting that Golden has made significant financial contributions to Democratic political causes over the years.
Powell’s Purchase Blocked: A Timeline
The story of Powell’s struggle dates back to September 2023 when the crypto entrepreneur entered into a deal to buy a unit at 2500 Steiner Street, a 12-unit building, subject to approval from the board and co-op members. Interestingly, in order for the purchase to go through, approvals from nine of the building’s 11 non-selling members were needed.
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However, Powell alleges that the co-op board worked relentlessly to ensure the sale never reached a vote among the shareholders. Despite providing additional financial information, Powell claims that the board continued to stall and, ultimately, rejected the sale in late November 2023 without giving a clear explanation.
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