Kraken donates 1 million dollars to Coin Center. Leggi qui l’articolo in Italiano.
It does not happen every day to receive one million dollars.
Let’s start with the subjects of this story.
Coin Center is “the leading non-profit organization focused on policy issues related to cryptocurrencies such as bitcoins,” according to their official website.
Kraken, on the other hand, is a well-known American exchange, one of the most important in the world.
During the annual Coin Center dinner, it was announced that Kraken donated one million dollars to the non-profit organization, making it the single largest contribution they have ever received.
The reason for the millionaire gift, as written in an official statement, is that “the contributions will serve to increase attention to cryptocurrencies here in Washington,” where Kraken has its headquarters.
After all, Coin Center claims to be the main non-profit research center focused on public policies related to crypto and decentralized technologies such as Bitcoin and Ethereum.
The mission is to broaden the understanding of these technologies and promote standards to innovate with blockchain-based technologies.
Given the problems that the exchanges are having with the American regulatory authorities, the donation can be read as a benevolent caption towards potential lobbyists.
However, It should be added that lobbying in the United States is not only considered normal but is perfectly legal and regulated.
In an interview in Bloomberg during the New York Consensus, Kraken’s co-founder and CEO, Jesse Powell, said:
“We will probably be registered as brokers and then as ATS [at the SEC].”
An ATS, or Alternative Trading System, is a trading venue that operates outside traditional public stock exchanges. Any new ATS, based in the United States, must be approved by the SEC and is subject to its authority.
It is no coincidence that the SEC itself encourages exchanges to apply for registration and official recognition as ATS.
The clash between Kraken and the American institutions, which has rules judged too strict by Powell and members, is known and has been going on for some time.
In particular, the clash is with the authorities of the State of New York, where the rules are more strict and stringent.
When, for example, the State Attorney has sent a questionnaire to the exchanges, Kraken refused to answer, preferring to stop providing the service to the residents of the State of NY rather than complying with the rules.
In light of the close relationship with Coin Center, the company now seems more willing to work with federal regulators.
