The U.S. Department of Justice has terminated its investigation of Kraken co-founder Jesse Powell.

According to a report by Decrypt on July 23, Deep Tide TechFlow announced that the U.S. Department of Justice has terminated the investigation into Kraken co-founder Jesse Powell. Powell confirmed this news on social media platform X on Tuesday. Previously, the FBI had raided Powell's Los Angeles residence in 2023 and seized dozens of electronic devices, investigating allegations of intrusion and online tracking related to the nonprofit art organization Verge Center for the Arts that he founded.

"I am glad this is over. It never made sense, but the trial of Roman Storm is equally baffling," Powell wrote on X, "It is truly astonishing how quickly your life can be turned upside down. I am grateful to those who saw through all of this and to my outstanding legal team."

Previously, during the Biden administration, the SEC had filed lawsuits against several crypto companies, and Kraken also paid a $30 million fine to regulators in 2023. Since the inauguration of the crypto-friendly President Trump, many lawsuits against the crypto industry have been withdrawn.

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