Kraken has disclosed that it will incorporate 19 tokens into its coin listing roadmap, as U.S. crypto exchanges anticipate diminished token listing restrictions under Trump.
Kraken, the second-largest U.S. exchange, has announced the listing of over 19 tokens, including BNB, COW, FWOG, MOODENG, and PNUT. Trump Media and Technology Group (TMTG) is presently in advanced discussions to acquire Bakkt, a cryptocurrency exchange, according to Fox Business. The TMTG also disclosed the registration of the trademark “TruthFi,” which will serve as an additional cryptocurrency exchange.
Anish Jain, the founder of WadzChain, proposed that Trump’s presidency could introduce an era in which digital assets are more acknowledged as legitimate components of the financial system. The Global Legal Insights platform contended that the U.S. SEC’s differentiation (or definition) of exchanges and crypto dealers was a significant concern. CFTC Commissioner Caroline Pham also observed that it was necessary to establish whether digital assets were utility tokens or securities, as this could influence their listing criteria.
Kraken, a U.S.-based company, has disclosed that it will incorporate 19 additional tokens into its coin listing roadmap, including the widely recognized memecoin Moodeng. Kraken has affirmed that it has selected and vetted over 300 coins from the most established and emergent tokens in the crypto ecosystem. Kraken has announced that it will integrate three blockchains (BNB Smart Chain, DX, and Arweave) and publish their respective native tokens (BNB, DYDX, and AR) for trading. The exchange clarified that the remaining 16 tokens would be listed on a blockchain that had been previously integrated.
Reuters reported that crypto executives and related companies had anticipated the Trump administration’s intention to relax regulations on crypto, including the manner in which U.S. exchanges conducted coin listings. Nevertheless Adam Rust, the director of financial services at the Consumer Federation of America, expressed concern that consumers were at risk of being exposed to unregulated products in the name of promoting autonomy and innovation.
According to the U.S. Securities and Exchange Commission (SEC), the industry was beset by a lack of regulatory user protection, pervasive fraud, and the mismanagement of customer funds. It further stated that the industry lacked the majority of the fundamental safeguards that governed other financial products, such as equities, bonds, and commodity markets.
Mark Hays, the associate director for crypto and financial technology at Americans for Financial Reforms, stated that the crypto industry had perfected Washington’s game of pay-to-play politics, despite its claims to be transforming finance. He further stated that the crypto industry anticipated that policymakers in Congress would fulfill their policy objectives as a result of their substantial election expenditures.
The Trump Media and Technology Group was in the midst of purchasing the Bakkt exchange. Nevertheless, the specifics of the valuation were still obscure. On the other hand, Bakkt declined to provide any commentary regarding the market rumors and speculation. However, the acquisition of the exchange by TMTG would further solidify Trump’s involvement in an industry that he had advocated for in the lead-up to the elections.
Also Read: Trump Media Applies for the ‘TruthFi’ Trademark to Provide Crypto Services
