Why Did Kraken Hire a Top Executive of a Competitor Crypto Exchange?

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Kraken has announced the recruitment of a senior executive from the rival global cryptocurrency exchange COINBASE as part of its initiative to stay abreast of the continually evolving regulations in the crypto space.

Moreover, he points out that new regulatory changes are unfolding by the day, and the exchange must be ready for any additional regulations that are expected to be clarified in the United States following this year’s November election.

“As a global player we need to adapt to changes in regulation across the markets we operate in while ensuring we are efficient and effective when building out our footprint to best serve our clients.”

Additionally, the exchange revealed that it had hired Gilles BianRosa as Chief Operating and Product Officer. Similarly to Hughes, BianRosa has TradFi experience working at European Neobank N26.

Gilles BianRosa (Left) and Marcus Hughes (Right).

Coinbase and Other Exchanges Receive Warning from US Senator

This occurs amidst controversy surrounding crypto exchanges hiring former government officials, purportedly aiming to influence favorable crypto regulations. Critics label these crypto firms as a “revolving door” of ex-government officials in the US.

However, Warren states it shows a gap in the nation’s ethics laws. Former officials transitioning to lobbying roles immediately after public service undermines the public’s confidence in government integrity

Senator Warren urges for more transparency and accountability in the industry.

Regulation and Society adoption

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