Kraken’s New CEO Flips the Bird at the SEC and Refuses to List Crypto Assets as Securities

A phone with the kraken logo in front of a screen displaying financial data

Kraken’s new CEO isn’t shy about making controversial and anti-regulatory statements right off the bat.
Photo: Sergey Yelagin (Shutterstock)

The new head of one of the most controversial crypto exchanges apparently isn’t backing down from his company’s reputation for making controversial and anti-regulatory statements.

Incoming CEO of often controversial crypto exchange Kraken, Dave Ripley said Reuters Wednesday that he does not plan to delist any tokens that have been listed as securities by the Securities and Exchange Commission or register with the SEC.

The thing is, the SEC would be in the middle of investigating another crypto exchange Coinbase on these specific issues. Although the agency has made no official announcement of this investigation into whether the exchange has not listed any securities, it has filed securities fraud charges against a former project manager at the firm.

The SEC said the project manager purchased 25 types of crypto assets, calling nine such securities. Coinbase also regularly refuse it offers titles on its platform. Coinbase Chief Legal Officer Paul Grewal asserted that “Coinbase has a rigorous process for analyzing and reviewing each digital asset before making it available on our exchange – a process that the SEC itself has reviewed.” Coinbase lists over 150 different tokens.

SEC Chairman Gary Gensler has said several times that most crypto tokens fall under the auspices of its domain as securities. This leaves out some of the bigger coins like bitcoin and ether, although since the merger and move to Proof of Stake, the the situation around this latest cryptocurrency is now in the air. Ripley’s comments sound all the more like an outright willingness to fight intrusive regulation.

The once– Kraken based in San Francisco announcement its CEO traded on Wednesday, saying COO Ripley would succeed Jesse Powell. Ripley takes the place of a company that has 9 million customers among its trading platforms. The company also plans to launch its own NFT marketplace.

The SEC did not immediately return Gizmodo’s request for comment. Although Coinbase had to act defensively against SEC investigations, Kraken seems to be taking the opposite approach, shouting “come on me bro” even as he apparently would. investigation by the US Treasury Department for allegedly allowing Iranian users to use the platform. Of course, Kraken is not the only exchange accused of letting users from sanctioned nations on their platforms.

Upon stepping out as leader of Kraken, former CEO Powell said Protocol that he did not consider himself an “incredible manager”. Considering how many times he’s been cited for creating a hostile work environment, that really shines a light.y. Rather, he said he considered himself an individual type of product. He often came across as a dudebro in interviews and in his tweets as he grew up increasingly controversial on his tenure for his reported misogyny and willingness to confuse gender pronouns with “who can refer to another person as the N-word.”

powell once tweeted “People get tripped up by everything and can’t conform to the basic rules of honest debate. Back to dictatorship. In response to a new conviction, Powell said “I don’t know what to say to people who feel they deserve some sort of work environment where they don’t have to follow policies. If it comes out like bossy or whatever, you know, I guess that’s okay.

Based on his statements, Powell now seems more interested in advocating for the industry to fight against invasive industrial regulations.


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