Kraken, a San-Francisco based cryptocurrency exchange employed Mary Beth Buchanan as General Counsel. Previously, Buchanan was appointed by President George W.Bush as a federal prosecutor. The US is claimed to open a criminal probe into the matters of bitcoin and cryptocurrencies. Few other exchanges have taken assistance of top advocates to eradicate issues involved in cryptocurrencies.
Mary Beth Buchanan
Earlier, Mary Beth Buchanan was hired by President George Bush as a Federal Prosecutor and recently Kraken employed Buchanan as its general counsel. Mary is first women and youngest to be appointed US Attorney for the Western District of Pennsylvania. As per reports, Kraken is world’s eight largest exchange in the world within $350 million.
Mary Buchanan belongs to legal firm Bryan Cave and works out of New York. She eminently gives Jesse Powell Kraken’s CEO a response on New York Attorney General’s probe into the operations of cryptocurrency exchanges.
Jesse Powell says that Somebody has to say what everybody’s actually thinking about the NYAG’s inquiry. The placative kowtowing toward this kind of abuse sends the message that it’s ok. It’s not ok. It’s insulting,”
Kraken in the headlines
Recently, Kraken came in the news for rebuffing to participate with New York Attorney General’s April inspection into the cryptocurrency exchanges. The AG’s office requested 13 crypto exchanges including Kraken to share information with respect to the market manipulation and investor protections.
Peter Van Valkenburgh, director of research at Coin Center says that Crypto exchanges are complicated. The question has to be thought for going what are we, and the possible answers have ranged from commodity spot exchanges which is not regulated. It is policing authority from CFTC to money transmitter that requires licensed in all 50 states.
The state authorities haven’t turned up the fire on topic of cryptocurrency. The cryptocurrency firms have began to form a legal team which is specialized in field such as securities regulation and anti-money laundering compliance.