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Kraken Crypto Exchange Engages Bush District Attorney As Advocate General

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Kraken, a San Francisco-based cryptocurrency center, hired a former federal prosecutor appointed by President George W. Bush lawyer.

Business Insider reports that the exchange, eighth in the world with a daily volume of just under $ 350 million, hired Mary Beth Buchanan, the first woman and the youngest person named US Attorney for the western district of Pennsylvania.

Buchanan, formerly of the Bryan Cave law firm, will be working out of New York, which is noteworthy given Kraken CEO Jesse Powell's fiery response to the New Attorney General's investigation. York on cryptocurrency trading.

"Someone must say what everyone thinks of NYAG's investigation.The placeable kowtowing towards this kind of abuse sends the message that it's ok. Is not ok, it's insulting, "he said.

The AG's office has set up 13 trading platforms, many of which – like Kraken – do not work in the state. Although former AG Eric Schneiderman has since resigned due to allegations of physical violence, the agency said the investigation would continue.

However, state regulators have not been the only ones putting pressure on cryptocurrency and many companies have started to build their legal teams with experts in areas such as securities regulation and the fight against money laundering.

On Thursday, reports revealed that the Department of Justice (DOJ) has opened a criminal investigation into allegations of market manipulation over cryptocurrency trading.

The probe, which is still in its infancy. specifically targets cases of "identity theft", a strategy by which traders pass false orders to deceive others by buying or selling a particular asset. Investigators also focus on "washing," a process by which trading platforms or other market participants artificially inflate the volume of transactions by repeatedly completing and executing their own purchase orders. and sales

As reported by CCN, Kraken recently stated that, despite the increased attention that regulators will bring, the company will "probably" continue its registration with the Securities and Exchange Commission (SEC) as a broker. and alternative trading system (ATS).

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