Jesse Powell Files Discrimination Lawsuit Against San Francisco Luxury Co-op

Lawsuit Alleges Discrimination Against Crypto Executive

Jesse Powell, co-founder of the cryptocurrency exchange Kraken, has filed a discrimination lawsuit against a luxury co-op in San Francisco, accusing its board of blocking his purchase of a unit due to his political views and ties to the crypto industry.

The lawsuit, filed in San Francisco Superior Court, claims the co-op board at 2500 Steiner Street unjustly rejected Powell's bid to purchase a unit. Powell's legal team argues that the rejection was motivated by discrimination based on his prior FBI search, his support for conservative causes, and his affiliation with the cryptocurrency sector.

Political Bias and Crypto Industry Backlash

The complaint highlights that the co-op board allegedly harbors negative sentiments toward the crypto industry, influencing their decision. Powell also points to the building's political leanings, describing it as a stronghold for influential San Francisco Democrats. He notes his own political contributions, including a $1 million donation to Donald Trump's campaign, which may have played a role in the board's decision.

Bruce Golden, a partner at Accel and a prominent Democratic donor, is specifically named in the lawsuit for allegedly blocking the sale.

Details of the Purchase Agreement

Powell entered into a purchase agreement for a unit in the 12-unit building in September, contingent on co-op board approval. He alleges that the board actively worked against the sale reaching a shareholder vote and ultimately rejected his bid without a clear reason. Powell claims that the board later cited financial concerns, including a requirement for a signed tax return, which he argues was not previously stipulated.

Seeking Relief and Damages

Powell is seeking legal intervention to enforce the completion of the purchase agreement, as well as damages, interest, and other relief. The unit in question, a 3,500 sq ft, 4-bedroom, 5-bathroom property, is currently listed for just under $10 million.

Neither the co-op company, Twenty-Five Hundred Steiner Street, Inc., nor Bruce Golden has commented on the lawsuit.

This case highlights growing tensions between crypto executives and traditional financial and political institutions, as well as challenges faced by industry leaders in high-profile real estate transactions.