hit counter

Kraken’s new CEO refuses to list crypto assets as securities

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

Kraken’s new CEO isn’t afraid to make controversial and anti-regulatory statements from the start.
photo: Sergey Elagin (Shutterstock)

The newest head of one of the more controversial crypto exchanges doesn’t seem to back down on his company’s reputation for making controversial, anti-regulation statements.

Upcoming CEO of often-controversial crypto exchange Kraken, told Dave Ripley Reuters Wednesday that he has no plans to delist tokens that have been cited as securities by the Securities and Exchange Commission or even register with the SEC.

Thing is, the SEC is reportedly in the thick of it Investigating another crypto exchange Coinbase about these very issues. Although the agency has officially announced this investigation into whether the stock exchange has not listed securities, it has filed securities fraud charges against a former project manager at the company.

The SEC said the project manager bought 25 types of crypto assets and called nine of those securities. Coinbase also has regular denied it offers securities on its platform. Paul Grewal, Coinbase’s Chief Legal Officer, has asserted, “Coinbase has a rigorous process to analyze and review each digital asset before it is made available on our exchange — a process that the SEC has itself reviewed.” Coinbase lists over 150 different tokens.

SEC Chairman Gary Gensler has said repeatedly that most crypto tokens fall under his domain as securities. That leaves out some of the biggest coins like bitcoin and ether, although since the merger and the move to Proof of Stake, the Situation around this latter cryptocurrency is now in heaven. Ripley’s statements sound all the more like a total willingness to resist intrusive regulation.

That once– Kraken from San Francisco announced its CEO trades Wednesday, saying COO Ripley would then take over from Jesse Powell. Ripley follows in the footsteps 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 respond to Gizmodo’s request for comment. Although Coinbase has had to take a defensive stance against the SEC investigation, Kraken appears to be taking the opposite approach, yelling “come to me bro” even when it claims to be examined by the US Treasury Department for allegedly allowing Iranian users to use the platform. Octopus of course is not the only exchange accused of allowing users from sanctioned nations onto theirs platforms.

On his way out as the leader of Kraken, the former CEO told Powell protocol that he didn’t consider himself an “amazing manager”. Considering how many times he’s been cited for creating a hostile work environment, that makes things easyj. He said instead that he saw himself as an individual product type. As he grew up, he often appeared as Dudebro in interviews and in his tweets increasingly controversial during his tenure for his alleged misogyny and willingness to conflate gender pronouns with “who can refer to a person other than the N-word”.

Powell once tweeted “People are triggered by everything and can’t stick to the ground rules of honest debate. Back to dictatorship.” In response to further sentencing, Powell said “I don’t know what to say to people who feel like they deserve a job where they don’t have to follow policies. If that works As authoritarian or whatever, you know, I think that’s fine.

Based on his statements, Powell now seems more interested in standing up to industry advocacy Intervention in industry regulation.

Leave a Comment