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‘No need to Register with SEC', New Kraken CEO

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By Augustine Mbam - - 5 Mins Read

New Kraken CEO Dave Ripley has revealed to the public that his company doesn't have any intentions to be registered under the SEC. 

According to the words of the CEO of Kraken Exchange, he does not see a reason to register with the Securities and Exchange Commission (SEC)  because the exchange has not listed any security tokens. 

Dave further said there are no plans to delist any token labeled by the Securities and Exchange Commission (SEC)  as security. 

New Kraken CEO, Dave Ripley

From the words of the New Kraken CEO, "There are not any tokens out there that are securities that we're interested in listing." 

Does This Close the Door To Listing Security Tokens?

There are speculations that the new statement by the Kraken CEO could mean that the exchange might close its doors to security tokens. 

However, the CEO has reiterated that his statement didn't mean that the company was closing its door to securities. 

"There could be some new token out there that becomes interesting and also happens to simultaneously be a security, in that case, we would potentially be interested in that path," Dave said. 

Securities and Exchange Commission (SEC)  Stance on the issue 

The Securities and Exchange Commission's (SEC) stance on issues such as Kraken's is known to the public through its chairman. 

Information gathered by Newsvot shows that the statement made by Kraken's CEO differs from what SEC wants. 

According to the chairman of the Securities and Exchange Commission (SEC), most crypto exchanges deal with security tokens and should be registered with the SEC. 

SEC Chairman Gary Gensler made this statement while addressing the Senate Committee on Banking on the 15th of September, 2022. 

"Crypto intermediaries may need to one day register with both the SEC and the Commodity Futures Trading Commission (CFTC)," he said. 

To further make his point known, Gary Gensler referred to the investigations launched against Coinbase for allegedly trading securities that were not registered. 

New Kraken CEO Unveils His Plan 

Newsvot reports that the new Kraken CEO took over the role of the co-founder of the company Jesse Powell.

According to a statement released on September 21st, the company was "thrilled" to announce that Dave Ripley was the new CEO. 

Speaking about what he thinks of the new CEO, co-founder Jesse Powell said that he trusted Dave to fill the CEO role perfectly. 

"Dave’s proven leadership and experience give me great confidence that he’s the ideal successor and the best person to lead Kraken through its next era of growth. I look forward to spending more of my time on the company’s products, user experience, and broader industry advocacy," Jess Powell said. 

Dave Ripley has spent about six years working for the exchange and joined Kraken through the company's acquisition of Glidera. 

According to Dave, his plans for the company align with that of his predecessor. He plans to expand Kraken's portfolio of products and also increase its impact in the crypto industry. 

"My vision, along with the rest of the leadership team, is in lockstep with Jesse’s — to accelerate the adoption of cryptocurrency," Dave Ripley said.