- Ripple CTO rejects claims of Kraken founder’s XRP hostility.
- Kraken eyes $15B IPO as XRP debate gains new attention.
- Jesse Powell’s cautious XRP stance resurfaces amid IPO plans.
Ripple’s Chief Technology Officer, David Schwartz, has publicly defended Kraken cofounder Jesse Powell against renewed claims of hostility toward XRP. The defense followed a casual IPO poll Schwartz posted, which quickly turned into a debate about Powell’s long-standing stance on Ripple’s token.
Another user claimed that Powell had a bad history with XRP, to which Schwartz responded that Powell has never been critical of XRP but has been cautious. He labeled Powell’s direction as technically based and oriented to the side of legal hazard compared to the angle of personal prognosis.
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Over time, Powell has expressed caution regarding the regulatory uncertainty of XRP being intertwined with Ripple Labs (then called OpenCoin) at its genesis. He emphasized the danger of possible implications, in case XRP is defined as a security. Exchanges can be susceptible to some legal effects, whether they mean it or not.
Powell called this situation an asymmetrical risk, as platforms listing XRP were subjected to potential actions by the authorities. Consequently, Kraken stopped its XRP trading to U.S. users, which Powell explained was a strategic action made due to legal ambiguities, and not an attempt to target the token itself.
Kraken Pushes Ahead With $15 Billion IPO Amid Renewed XRP Discourse
Now, as Kraken moves to raise $100 million in a pre-IPO funding round, Powell’s previous remarks are being brought back into focus. The exchange is reportedly targeting a public valuation of more than $15 billion.
This is a reversal of the IPO intentions that were earlier cancelled due to the turbulent marketplace following the launch of Coinbase.
Expected to close by year’s end, the funding signals Kraken’s strong intent to enter public markets. The fresh action regarding Powell’s remarks in the past has been turned into the larger picture of Kraken’s regulatory stance.
Kraken remains one of the leading crypto exchanges in the world, with over $1 billion in daily trading. It also provides access to more than 1,100 trading pairs, which only enhances its competitiveness in the market.
With the progress of IPO discussions, the regulatory story of Ripple and XRP returns to the context of Kraken and its reputation as well. Previously, Powell’s comments have always been interpreted in isolation; however, the attitude to investor confidence and readiness to comply is being scrutinized these days.
With Schwartz stepping in to clarify Powell’s intent and Kraken advancing its IPO plans, the intersection of XRP and regulatory caution is again under the spotlight. The coming months will determine how much this renewed controversy affects Kraken’s public journey.
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