Kraken has no SEC registration plans
On September 21, the cryptocurrency exchange Kraken announced a staff change. Jesse Powell as CEO was replaced by COO Dave Ripley. The new CEO said that the platform is not going to register with the SEC, as the regulator insists from all participants in the crypto market.
The US Securities and Exchange Commission, led by Chairman Gary Gensler, is continuing its efforts to tighten regulation of the crypto sector to maximize investor protection. The SEC actively encourages crypto firms to register and claims that most digital assets fall under securities laws.
However, many industry representatives disagree with this position, including the Kraken cryptocurrency exchange. It was announced by its new CEO, Dave Ripley. The platform will not be registered with the SEC and will not carry out the procedure of delisting tokens considered by the regulator as securities.
Ripley claims that Kraken does not deal in securities and therefore has no basis to register the company as an exchange. Also, the platform is not currently interested in listing tokens that the regulator classifies as securities.
There could be some new token out there that becomes interesting and also happens to simultaneously be a security [and] in that case, we would potentially be interested in that path.Dave Ripley.
According to Ripley, the plans of the exchange, which was practically not affected by the crypto winter, are not only the acquisition of digital assets that are securities. Kraken is additionally considering such promising areas as mergers and acquisitions of bankrupt companies, the creation of an NFT platform and the provision of banking services to institutional investors.
Who is Dave Ripley?
Dave Ripley is a former CCO of Kraken. He took over as CEO on September 21, beating out more than a dozen competitors to replace co-founder Jesse Powell. The former CEO of the company commented on the staff change.:
Dave’s proven leadership and experience give me great confidence that he’s the ideal successor and the best person to lead Kraken through its next era of growth.Jesse Powell.
Powell himself, infamous for his libertarian views, led the board of directors in order to become more involved in developing the platform’s products and protecting the crypto industry.
