It looks like despite a future management change, Kraken will retain its libertarian philosophy. Dave Ripley, the future CEO of the cryptocurrency exchange, has made it known that he will not bend to the interference of the SEC, especially when it comes to the listing of certain assets.
Dave Ripley in opposition to the SEC
Dave Ripley, who is expected to succeed Jesse Powell as Kraken’s CEO soon, has made it known that he does not intend to register the exchange with the U.S. Securities and Exchange Comission (SEC).
Kraken is one of the largest cryptocurrency exchange platforms in the world and boasts over 9 million users.
According to an exclusive report from Reuters, Dave Ripley has made it known that he will not bow to the SEC’s interference, especially regarding the listing of certain tokens.
Last July, the exchange Coinbase was in the crosshairs of the American financial regulator regarding the listing of certain tokens considered as financial securities (shares, bonds, etc.). The latter had then defended itself in a trenchant way, arguing that it was by no means a security, and that the SEC favored direct conflict rather than dialogue.
Dave Ripley will follow this path as well, since he declared that the tokens involved in this case will also remain available at Kraken.
Furthermore, during his statement, he said that Kraken does not issue securities, and therefore the exchange has no reason to register with the SEC. The future CEO thus places himself in direct opposition to Gary Gensler, the director of the SEC, who had warned cryptocurrency exchange platforms at the beginning of the month that they should indeed register with the American gendarme.
Kraken should not change its philosophy
The change in management at Kraken comes at a complicated time, and for good reason, Dave Ripley will have to deal with a comfortable bear market from the outset, and this combined with the FED’s tightening monetary policy to deal with runaway inflation.
But the exchange, which announced the hiring of 500 additional staff a few months ago – where others were forced to lay off – should be in good hands.
Jesse Powell, Kraken’s historic and often controversial CEO in the cryptocurrency world, said in an official statement that he has full confidence in his successor, and that the latter has actively participated in Kraken’s success, especially through his role in the platform’s acquisitions.
Also, the historical customers of Kraken should find themselves there. Aligned with the libertarian philosophy of Kraken which tends to democratize cryptocurrencies to all individuals, Dave Ripley has made it known that the exchange will continue to work in this direction:
“My vision, as well as that of the entire management team, is in line with Jesse’s: to accelerate the adoption of cryptocurrencies.”