Regulation
Kraken appoints former Paxos executive as its new chief legal officer


- Kraken has appointed former Global General Counsel as legal chief
- The exchange recently gained an EU MiFID license for regulated trading
- With the new legal chief, Kraken aims to navigate US regulatory challenges
Kraken has appointed Ben Gray, former Global General Counsel at Paxos, as its new Chief Legal Officer.
The news comes a day after securing a Markets in Financial Instruments Directive (MiFID) license.
This strategic move comes as the cryptocurrency exchange aims to navigate the increasingly complex regulatory landscape while expanding its offerings in the European market.
A timely appointment
Kraken’s decision to bring Gray on board is seen as a significant step towards strengthening its legal and compliance framework.
Gray’s deep experience in the cryptocurrency sector, particularly from his tenure at Paxos where he managed legal, compliance, and enterprise risk, positions him perfectly to lead Kraken through its current regulatory challenges.
His background also includes working with Binance, showcasing his versatility in handling the multifaceted legal issues within the crypto industry.
The timing of Gray’s appointment could not be more critical. Kraken has been under scrutiny from regulators, notably from the US Securities and Exchange Commission (SEC), which accused the exchange of operating as an unregistered securities platform.
With this legal battle in the backdrop, Gray’s leadership in legal affairs is expected to be instrumental in navigating these challenges. His role will encompass overseeing Kraken’s legal strategy, ensuring compliance, and managing enterprise risks, all of which are vital for the company’s operations both in the US and abroad.
In the official announcement of the appointment of Gray, Kraken’s co-CEO Arjun Sethi expressed enthusiasm about Gray’s addition to the leadership team, emphasizing his role in scaling the business and fighting for regulatory clarity.
Sethi’s comments reflect a broader vision where Kraken not only seeks to expand its geographical footprint, but also aims to set industry standards for security, innovation, and compliance. This vision is particularly relevant in Europe, where Kraken sees substantial growth potential and where regulatory compliance can act as a competitive edge.
Regulation
US Senate Confirms Pro-Crypto Paul Atkins As SEC Chair

The US Senate has finally confirmed Donald Trump’s nominee, Paul Atkins, as the next US Securities and Exchange Commission (SEC) Chair. This development is significant as Atkins has promised to provide regulatory clarity for the industry, which was lacking under past Chair Gary Gensler’s administration.
US Senate Confirms Paul Atkins As SEC Chair
In an X post, Journalist Eleanor Terrett revealed that the US Senate has confirmed Paul Atkins as the next SEC Chair. The Upper Chamber voted 52 to 44 in favor of Atkins’ nomination for the SEC role.
Pro-Bitcoin and Republican Senator Cynthia Lummis also confirmed this development, sharing her excitement about Atkin’s confirmation as the SEC Chair. The Senator revealed her discussion with him about digital asset legislation and affirmed that she is confident that his leadership will bring positive change.
As CoinGape reported, Paul Atkins had promised during his nomination hearing to prioritize providing regulatory clarity for the crypto industry. The incoming SEC Chair also promised to repair the Commission’s image following Gensler’s infamous regulation-by-enforcement approach.
Paul Grewal, the Chief Legal Officer (CLO) of the top crypto exchange, Coinbase, also congratulated Atkins on his confirmation. He stated that more progress is “sorely needed” after four years of regress.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Regulation
US SEC Makes Important Move in Ripple Case, Here’s All

XRP Lawsuit: The U.S. Securities and Exchange Commission (SEC) has filed an opposition to a recent emergency request submitted by Justin W. Keener in the Ripple lawsuit. Keener’s filing aimed to present what he called “decisive evidence” in support of Ripple and the “liberty of the American people.”
US SEC Opposes Keener’s Request Over Jurisdiction and Procedure
According to a recent filing, the US SEC asked Judge Analisa Torres to reject the emergency request filed by Justin W. Keener on April 3, 2025. The agency argued that the District Court does not have jurisdiction to consider the request since the Ripple case has already been moved to the Second Circuit Court of Appeals.
The SEC used several authorities from different courts as the basis of their decision, specifically citing New York v. Department of Homeland Security, 974 F.3d 210 (2d Cir. 2020). The Commission explained that this be the position once a timely appeal is filed that the matters under appeal are beyond the jurisdiction of the District court.
🚨NEW: The @SECGov has just filed an opposition to that “emergency request to present decisive evidence” in favor of @Ripple we saw filed last week by one Justin W. Keener.
The SEC opposes the motion because, they say, that 1) The District Court lacks jurisdiction over the… https://t.co/QNnKM6sOgA pic.twitter.com/4qTU1YEYKw
— Eleanor Terrett (@EleanorTerrett) April 8, 2025
The SEC also pointed out that Keener did not file the appropriate motion to intervene in the case he deemed to involve unlawful conduct by the defendants. They argued that this means that the court cannot consider his request for an emergency stay. They cited other cases where such a motion by the third party without the permission of the court was thrown out of court.
SEC Maintains Ripple Can Handle Its Defense Without Outside Help
In its reply, the US SEC stated that even if the provided evidence of Keener was relevant, Ripple could decide to present it on its own. The agency suggested that Ripple and its legal team know the kind of documents that are useful in the XRP lawsuit on their own.
The Commission added, “There does not seem to be any provision that the Request’s filer cannot forward the ‘evidence’ listed in the Request to the Defendants.” They responded that Ripple could produce any such material if it considered it to be relevant.
The US SEC also reminded the court that a previous request from third parties to submit similar evidence had already been denied. In that instance, Judge Torres ruled that no further intervention from unrelated parties was needed.
Details of Keener’s Emergency Request Remain Unclear
Keener, who has faced separate SEC charges in the past, submitted a brief letter claiming he possessed key evidence in support of Ripple.
He said the material could help the defendants and promote “liberty for the American people,” but he did not give specifics.
While some observers believe the evidence may relate to physical investment contracts, Keener has not confirmed this. The document raised questions in the Ripple community, especially since the case appears to be nearing an end.
XRP Lawsuit Nears Conclusion as SEC Drops Appeal
The SEC’s opposition comes after recent announcements that the legal dispute with Ripple is coming to a close. Ripple CEO Brad Garlinghouse confirmed that the XRP lawsuit has officially ended. This followed the SEC’s decision to drop its appeal in the ongoing case. This move boosted optimism since as of now, around 20 XRP exchange-traded funds (ETFs) are reportedly filed with the US SEC.
Despite the news, XRP’s price did not show a strong positive reaction. Still, many in the crypto community believe the conclusion of the lawsuit may bring new developments for Ripple.
However basking under the XRP lawsuit dismissal, Ripple recently announced a $1.25 billion deal to acquire Hidden Road, a global multi-asset prime broker. This would make Ripple the first crypto firm to own and operate such a platform.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Regulation
Pakistan’s Crypto Council Appoints Binance Founder Changpeng Zhao As Strategic Advisor

Binance founder Changpeng Zhao, has been appointed as a Strategic Advisor to Pakistan’s Crypto Council. This appointment marks a new phase for Pakistan’s efforts to enhance its position in the global crypto and blockchain sectors. Zhao, known for his influence in the Web3 space, is expected to guide the country’s crypto policies and infrastructure.
Binance Founder Changpeng Zhao As Pakistan Crypto Strategic Advisor
The official announcement came during a meeting between Binance founder Changpeng Zhao and the Pakistan Crypto Council (PCC), which was chaired by Pakistan’s Finance Minister Senator Muhammad Aurangzeb.
As part of his role, Binance founder Changpeng Zhao will provide expertise on various aspects of the crypto ecosystem, including regulation, infrastructure development, and the promotion of adoption. He will also assist in building a regulatory framework that ensures compliance while encouraging innovation.
The Finance Minister of Pakistan, Senator Muhammad Aurangzeb, expressed enthusiasm about Zhao’s appointment, stating,
“With CZ onboard, we are accelerating our vision to make Pakistan a regional powerhouse for Web3, digital finance, and blockchain-driven growth.”
This Is A Developing News, Please Check Back For More
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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