Cryptocurrency Exchange Kraken will "probably" continue to record SEC


bitcoin suit wall street institutional investor - Cryptocurrency Exchange Kraken will "probably" continue to record SEC

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San Francisco-based Cryptocurrency Exchange Kraken will likely register with the United States Securities and Exchange Commission (SEC). broker and an alternative trading system (ATS), said Tuesday the company's general manager.

"We would probably be registered as a broker and then in ATS," Kraken co-founder and CEO Jesse Powell told Bloomberg in an interview in New York, where he participated in the mega-conference Consensus. "I do not think it necessarily helps the company, I think we do everything right anyway."

At present, Kraken and most other cryptocurrency exchanges operate in the United States as money-changers, which are regulated at the state level. Coinbase, another San Francisco fellow, also reportedly discussed his registration as a broker.

Earlier this year, the SEC issued a bulletin to prevent cryptocurrency trading from not listing security clearances without registering as a national stock exchange and threatening to pursue platforms that list the securities. unregistered securities.

Registration as ATS – a trading platform that is regulated differently from public stock exchanges – would give the SEC more power to oversee the platform. This could also make the SEC less inclined to sue the exchange of registration tokens that the agency later considers to be unrecorded securities.

1526216823 162 as sec debate if crypto currencies are values the initiative seeks ripples distance xrp - Cryptocurrency Exchange Kraken will "probably" continue to record SEC
The SEC has stated that it hopes that cryptocurrency exchanges will be registered with the SEC.

However, registration as an ATS is an arduous process, and Powell said it would only do so if the SEC would provide more clarity about the regulatory status of cryptocurrencies and initial coin tokens (ICO).

In any case, however, the comments are noteworthy, particularly given Powell's position towards regulators that he believes to be hostile to the industry.

Recently, former Attorney General of the State of New York, Eric Schneiderman, launched an investigation into cryptocurrency trading, including companies – such as Kraken – that do not currently exist in the state. Many exchanges voluntarily complied, but Powell criticized them for "running towards this kind of abuse" and said Kraken would not respond to the investigation.

Shortly after, Schneiderman was forced to resign when four women accused him of physical abuse, which prompted Powell to deliver a punchline during a panel at Consensus.

"The AG has no authority over us," Powell added in Bloomberg's interview Tuesday. "Two things I really hate are bullies and hypocrites, and this guy is both."

Later in the interview, Powell said he foresaw that Kraken – which is currently owned by the private sector – would become public in the future. And when that is the case, he hopes that the company's actions will be symbolized.

"If we could find a way to do that – to have the company's stock traded as a token, I think it would be great," he said.

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