Kraken Cites Ripple Case in Its Response to SEC

Kraken uses the Ripple court case outcome to bolster its defense against the SEC.

Azcnews Kraken Cites Ripple Case In Its Response To Sec

Cryptocurrency exchange Kraken plans to raise approximately $100 million in preparation for its initial public offering (IPO), according to a recent Bloomberg report citing sources familiar with the situation. The fundraising is expected to be completed by the end of 2024. Originally, Kraken aimed to go public via a SPAC merger in 2022, following the example of rival Coinbase, which debuted on the Nasdaq in April 2021 with significant attention.

However, Kraken postponed its IPO due to a severe market downturn. In November 2022, Bitcoin’s price plummeted to $16,000 amid the FTX crisis, which caused widespread disruption in the crypto market. In contrast, Bitcoin reached its current all-time high of $73,737 in March. Bloomberg reports that Kraken is projected to generate up to $2 billion in revenue this year, driven by market conditions.

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Kaufbeuren,,germany, ,october,02,,2021.,kraken,company,logo,on

Kraken’s IPO ambitions have also been complicated by legal issues with the U.S. Securities and Exchange Commission (SEC). Last year, the SEC filed a lawsuit against Kraken, accusing it of operating as an unregistered securities exchange. In February, Kraken moved to dismiss the lawsuit, arguing that most cryptocurrencies are not securities and accusing the SEC of overstepping its authority.

Related: Binance, Kraken and KuCoin Removed from Apple Store India

Beyond these challenges, Kraken remains focused on its growth strategy, including expanding its global presence and enhancing its platform’s capabilities. The exchange has been actively investing in new technologies and services to attract a broader user base and strengthen its market position. As the regulatory landscape for cryptocurrencies continues to evolve, Kraken’s ability to navigate these complexities will be crucial for its long-term success and its eventual public debut.

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