Dave Ripley, the newly appointed CEO of US cryptocurrency exchange Kraken, has announced that he does not intend to register the exchange with the US Securities and Exchange Commission (SEC). Also, there are no plans to delist tokens labeled as securities by the SEC.
No reason for SEC registration
The aspiring CEO reported that he sees no reason to register with the SEC as a crypto exchange, as it does not offer securities. Ripley said there are no tokens and securities that they want to list on their platform.
Dave Ripley will succeed Jesse Powell as CEO after the Kraken co-founder decided to step down after 11 years in the top position.
However, Ripley did not rule out the full disclosure of security tokens and noted that there could be a new token that becomes interesting and at the same time is a security, in which case Kraken might be interested in that path. However, it is not there yet.
Future goals run in the same direction as Powell
In the company statement announcing the change in leadership, Ripley indicated that his goals for the future are in the same direction as Powell’s and also noted that Powell plans to remain highly involved with the company.
Finally, Ripley’s statements on crypto assets appear to be in direct contradiction to SEC chairman Gary Gensler, who recently made his views on the status of crypto exchanges and tokens very clear.
In a Sept. 15 Senate Committee on Banking, Gensler reiterated his stance that most cryptocurrencies are securities and that many intermediaries, such as crypto exchanges, broker-dealers and those with custodians, trade securities and must be registered with the SEC in the United States. ‘a certain quality.’
This will lead to crypto intermediaries possibly having to register with both the SEC and the Commodity Futures Trading Commission one day. There are even supposed to be duplicate registrants already, which is not equally good everywhere. This point could therefore receive some criticism should they choose to implement it.