Overregulation could force Kraken out of U.S., says CEO
Several countries are struggling to regulate cryptocurrency exchanges and other services. The overregulation has made it harder for some exchanges to operate in certain countries, and Kraken's CEO believes the same could happen to them in the United States.
Kraken CEO fears overregulation in the U.S.
Kraken CEO Jesse Powell told FOX Business that they are working towards an initial public offering (IPO) this year. The cryptocurrency is set to follow Coinbase's footsteps, which launched on the NASDAQ stock exchange earlier today.However, Powell is concerned that overregulation could force Kraken to leave the U.S. and launch its IPO in another country. He stated that "The U.S. regulators have historically been among the most severe internationally. We're dealing with the SEC and the CFDC on a regular basis. They're asking us to shut down products that they're not able to shut down for international competitors. So they're putting U.S. companies at a disadvantage."
The CEO confirmed that Kraken is set to become a publicly-listed company but is still considering whether to remain a United States company or not. Powell added that "We may be forced out of the country by over-regulation, or by the enforcement guys not talking to the policy guys and not having, kind of, a national strategy on cryptocurrency."
Powell added that Kraken would consider relocating to Tokyo, the United Kingdom, or the United Arab Emirates, where the cryptocurrency regulations are excellent and business-friendly.
The U.S. can lead cryptocurrency space
Powell talked about the new study published by former CIA director Michael Morrell regarding the security of cryptocurrencies. In the study, Morrell highlighted that Bitcoin is the least used in illegal transactions, and the U.S. government should be worried about China getting ahead in the game.Powell believes the U.S. can dominate the cryptocurrency space. "I think it's something that the United States can be dominant at. But there are other countries competing, and I think we could fall behind by shooting ourselves in the foot."
The CEO said his major concern is bringing cryptocurrencies to the masses, especially in the consumer space. Established in 2011, Kraken is one of the oldest cryptocurrency exchanges in the world.
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