As a result, Jesse Powell, CEO of Kraken told CNBC in an interview that this can cause Bitcoin “crackdown”. As a matter of fact, the United States isn’t the first country to set rules on digital token. The Indian government is considering a ban on cryptocurrencies, and penalizing traders holding or trading the digital tokens.
Kraken, the 4th largest cryptocurrencies exchange
Kraken is the 4th largest cryptocurrency exchange in the world based on trading volume. The company will soon follow Coinbase’s steps and go through an initial public offering, according to a report by CNBC.
Additionally, Kraken’s chief said that he believes that doubts about cryptocurrencies are here to stay. This was due to regulatory actions by U.S. watchdogs such as a recent anti-money laundering rule that the U.S. government proposed. The rule obliges traders who hold their digital tokens in a private digital wallet to do an identity check if their transactions exceed $3,000.
“Something like that could really hurt crypto and kind of kill the original use case. Which was to just make financial services accessible to everyone,” Powell said.
