YEREVAN (CoinChapter.com) — Jesse Powell, co-founder of Kraken, has sued a San Francisco housing co-op, claiming discrimination due to his crypto industry ties. His lawsuit, filed on Feb. 5 in San Francisco Superior Court, alleges that board members at 2500 Steiner Street refused to approve his purchase of a luxury apartment, citing his cryptocurrency connections, past legal issues, and political donations.
On Feb. 5, Powell posted on X, saying,
“Frankly, I’m fed up with condescending, elitist bigots unlawfully discriminating against me.”
Powell’s legal team states the board never gave a clear reason for the denial but took steps to prevent the sale from reaching a shareholder vote. The lawsuit claims that crypto executives are facing similar financial restrictions in the United States under current policies.
Powell Alleges Political Bias in Housing Decision
The complaint states that 2500 Steiner Street is a well-known residence for San Francisco Democrats. Powell, who is not affiliated with any political party, claims his $1 million donation in June 2024 to support Donald Trump’s presidential bid played a role in the rejection.
The lawsuit specifically names Bruce Golden, a venture capitalist and Accel partner, as leading efforts to block the sale. Powell alleges Golden, who has donated millions to Democratic organizations, worked to prevent him from buying the multi-million-dollar apartment.
FBI Investigation Cited in Housing Denial
The lawsuit references Powell’s past legal troubles, including an FBI raid on his home in early 2023. Powell claims that while no charges were filed, the incident contributed to the co-op’s rejection. He argues that crypto industry figures have faced similar challenges due to increased scrutiny.
Co-Op Board Allegedly Blocked Shareholder Vote
Powell reached a purchase agreement with the seller of the 12-unit building in September 2023, pending approval from nine out of eleven non-selling members. However, the lawsuit states the board took deliberate steps to prevent the vote.
His application was rejected in October, initially without explanation. Later, the board claimed he failed to provide a signed tax return, which Powell says was never listed as a requirement.
San Francisco Property at Center of Legal Dispute
A 3,500-square-foot unit in 2500 Steiner Street is currently listed for nearly $10 million, according to Zillow. Powell argues he provided all necessary financial documents, yet the board still voted against his purchase in November 2023 without explanation.
The lawsuit asks the court to enforce the purchase agreement and grant damages, interest, and legal relief. The management company, Twenty-Five Hundred Steiner Street, Inc., and Bruce Golden have not responded to media inquiries.
