Bankless Kraken's CEO on Their Battle Against The SEC
Dec 14, 2023
Dave Ripley, CEO of Kraken, shares insights from his six-year journey at one of the leading U.S. cryptocurrency exchanges. They discuss Kraken's strategic response to heightened SEC scrutiny and the broader implications for the crypto industry. Ripley addresses the ongoing legal challenges, highlighting the need for regulatory clarity while ensuring user safety. He also reflects on his transition into crypto in 2013, emphasizing Kraken’s commitment to innovation and transparency in a challenging regulatory landscape. Will Kraken expand beyond the U.S.? Tune in to find out!
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Kraken vs. SEC - Round Two
- Kraken faced two SEC complaints in 2023, one regarding staking services and another concerning its exchange operations.
- The latter complaint mirrors those against Coinbase and is being fought in court.
Being an Exchange is the Crime?
- The SEC's complaint against Kraken seems to target the very nature of being an exchange, alleging it facilitated a marketplace for crypto assets.
- This approach appears to criminalize the fundamental function of exchanges.
SEC Forum Shopping?
- The SEC may be forum shopping by filing the case in California after losses in the Southern District of New York.
- This tactic resembles asking the other parent after the first one said no.