Kraken CEO: XRP Presents “Huge” Risk to Crypto Exchanges

The CEO of digital asset exchange Kraken, Jesse Powell has addressed disparagement associated with stopping XRP trading, asserting that the cryptocurrency presents a massive asymmetrical risk for exchanges after associated blockchain company Ripple got charged by the United States Securities and Exchange Commission in the month of December, last year.

Powell further asserts that judges have a tendency to side with supervisory agencies. He said,

“Have to assume the SEC’s case is in good faith. Judges tend to side with agencies. If XRP found to be a security, SEC would say that exchanges should have known.”

In the last couple of months, almost all key US exchanges, including Coinbase and Binance U.S., have stopped XRP trading or delisted it.

Kraken, whose valuation is purportedly around twenty billion dollars, also put off XRP trading in mid-January. Hitherto, the coin is still accessible on numerous key crypto exchanges for trading outside the United States.

Tetragon, a United Kingdoms-based asset manager failed to redeem its stake in Ripple subsequent to its request for an initial injunction got shorn of by a Delaware Chancery Court judge earlier this week.

Additionally, the SEC stated that it’s up for the court to govern whether or not XRP is truly a security in its recent motion to banish the holders’ petition.