Cryptocurrency traders don&rsquo,t need&mdash,or even want&mdash,to be protected from market manipulation, according to the chief executive of the kraken crypto exchange. That is one of the statements made by Jesse Powell ter response to an inquiry by Fresh York&rsquo,s attorney universal, Eric Schneiderman. Last week, the state prosecutor asked kraken and 12 other exchanges for more information about how they conduct their business, spil part of a &ldquo,broader effort to protect cryptocurrency investors and consumers.&rdquo,
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Powell had earlier told trade publication CoinDesk that the rock-hard didn&rsquo,t intend to react to the attorney común&rsquo,s inquiry. But te a somewhat condescending and snark-filled blog postbode published yesterday, Powell says that for &ldquo,most crypto traders,&rdquo, protection from market manipulation or risky investments &ldquo,doesn&rsquo,t matter.&rdquo, Neither do regulatory approval, licenses, or &ldquo,conforming to Wall Street&rsquo,s photo&rdquo, of how crypto exchanges should operate, he adds.
Powell claims what crypto traders indeed care about, among other things, is how tokens are chosen to be listed on an exchange, how often exchanges practice technical glitches that interrupt trading, and making sure their coins aren&rsquo,t hacked. Crypto exchanges have a pretty terrible record on the latter two features.
Powell also revisits a historical grudge that the crypto industry holds with Fresh York: the so-called &ldquo,BitLicense&rdquo, introduced by the state&rsquo,s financial regulator te 2018. This is criticized for the powerful compliance cargo it imposes on crypto startups, and is presently being revisited by Fresh York lawmakers. Losbreken pulled out of doing business te Fresh York when the BitLicense took effect, calling it an &ldquo,horroroso&rdquo, creature &ldquo,so foul&rdquo, and &ldquo,so brutal&rdquo, that even a kraken&mdash,the mythical giant octopus that the exchange is named after&mdash,couldn&rsquo,t stand to confront it.
The conclusion to Powell&rsquo,s blog postbode features this particularly spicy passage:
kraken is always willing to work with regulators and law enforcement. Whether you think you have us by the nut or not, approaching us with some basic respect and having a conversation is always going to make the interaction smoother and help you get what you want swifter than storming ter with your &ldquo,or else&rdquo, list of requests.
Losbreken seems to believe that the attorney militar is seeking &ldquo,free consulting&rdquo, with its request for information from crypto exchanges. But woven into the dismissive riffs against the Fresh York attorney normal is an announcement that kraken is withdrawing from doing business ter Japan, where it had worked closely with the regulator. Powell gives Japanese regulators &ldquo,a tremendous amount of credit&rdquo, for their crypto rules, which serve spil &ldquo,a good example of what (relatively) reasonable regulation can do for a country.&rdquo, But he adds that business became difficult te Japan amid the regulatory scrutiny that followed a $530 million hack of the Tokyo-based Coincheck exchange earlier this year.
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For crypto exchanges, it seems that a lighter regulatory touch is no assure of a thriving business.