Cryptocurrency Exchange Kraken “Most Likely” To Pursue SEC Registration

Cryptocurrency Exchange Kraken “Most Likely” To Pursue SEC Registration  Kraken’s cofounder and CEO, Jesse Powell, told Bloomberg in an interview at Consensus that they will most likely register with the SEC as a broker-dealer as well as an alternative trading system. At the present time, Kraken along with other cryptocurrency exchanges that operate within the United States, act as a “money transmitter business”. These are regulated at the state level. Earlier in the year, the SEC warned cryptocurrency exchanges to not list crypto tokens without registering them as securities. The commission warned that they would pursue enforcement action against the platforms that registered these tokens. Currently most cryptocurrency trading venues are regulated differently from public stock exchanges. Registering as an alternative trading system (ATS) would allow more supervision by the SEC. However, this would also give exchanges more leniency of getting away with listing tokens that the SEC deems to be unregistered securities.  Later in the interview, Powell states that he foresees Kraken, which is currently a privately held company, going public. When it does, he hopes that the company shares will be tokenized.

Kraken’s cofounder and CEO, Jesse Powell, told Bloomberg in an interview at Consensus that they will most likely register with the SEC as a broker-dealer as well as an alternative trading system.

At the present time, Kraken along with other cryptocurrency exchanges that operate within the United States, act as a “money transmitter business”. These are regulated at the state level.

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Earlier in the year, the SEC warned cryptocurrency exchanges to not list crypto tokens without registering them as securities. The commission warned that they would pursue enforcement action against the platforms that registered these tokens.

Currently most cryptocurrency trading venues are regulated differently from public stock exchanges.

Registering as an alternative trading system (ATS) would allow more supervision by the SEC. However, this would also give exchanges more leniency of getting away with listing tokens that the SEC deems to be unregistered securities.

Later in the interview, Powell states that he foresees Kraken, which is currently a privately held company, going public. When it does, he hopes that the company shares will be tokenized.

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