Ontario Securities Commission Reports Crypto Custody Tweets From Coinbase and Kraken CEOs

The Ontario Securities Commission has marked two tweets by Coinbase CEO Brian Armstrong and Kraken CEO Jesse Powell as worth investigating. The two CEOs made remarks relating to the use of non-custodial crypto wallets.

The Ontario Securities Commission (OSC) has reported tweets made by the CEOs of Coinbase and Kraken to law enforcement agencies, according to media reports. Coinbase CEO Brian Armstrong and Kraken CEO Jesse Powell made tweets related to the financial surveillance measures imposed under the recent Emergency Act.

The OSC’s decision to report those tweets stemmed from its belief that the two individuals seemingly offered advice on how to evade the restrictions on funding. Armstrong referred to the developments in Canada and said that “self-custodial wallets are important,” while Powell recommended moving assets to non-custodial wallets.

The Emergency Act, which the Canadian government recently invoked to prevent the funding of the convoy protests included cryptocurrency platforms. Under the law, it regulated crypto platforms under the Terrorist Financing act. The move drew condemnation from some people as being undemocratic.

The convoy protest in Canada has grabbed headlines worldwide, and the Trudeau government has been working overtime to bring it to a close. It took the unprecedented step of invoking the Emergency Act and froze accounts of those suspected to be linked to the protest.

One of the most startling reports to emerge from this situation is the fact that Canada may make the financial surveillance measures permanent. Canadian Finance Minister Chrystia made statements relating to the same in a press conference recently.

Crypto seen as the savior to centralization

Protestors and those affected by government measures have taken to cryptocurrencies to protect their funds. The asset class is seen as one protected from government overreach, and it now appears to be gaining the ire of governments.

Kraken’s CEO Jesse Powell previously said that Kraken might be forced to freeze assets by order. The exchange would have no choice but to comply. In such cases, citizens turn to decentralized platforms to secure their funds.

Cryptocurrencies were born out of a time when governments bailed banks out after the latter’s own wrongdoing. That principle still remains strong within the crypto market, with many fearing both government overreach and inflation.