Jesse Powell, co-founder of Kraken, has filed a lawsuit against a San Francisco luxury co-op, alleging that the board unlawfully blocked his home purchase due to his connections to the cryptocurrency sector and his political beliefs.

The lawsuit cites that the board failed to provide a valid reason for rejecting Powell’s offer. Powell argues that discrimination against crypto executives has markedly increased during the Biden administration, affecting members of the crypto community.

Powell emphasizes that the decision against him reflects a broader trend of bias towards individuals in the crypto industry, as political affiliations and views play a significant role in negotiations and approvals in local real estate markets.