Kraken Co-CEO: Market Structure Bill Should Enter Review Stage
Dave Ripley, Co-CEO of Kraken, publicly stated that the regulatory guidance from the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) has propelled the cryptocurrency industry and the U.S. economy forward, and believes that the current market structure bill should enter the legislative review stage.
The bill has been formed through bipartisan negotiations and has advanced to the most in-depth stage among similar past bills in the Senate Banking Committee. Its core objective is to clarify the regulatory division and market rules for crypto assets, reducing long-standing regulatory uncertainty.
Source: Public Information
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This statement reflects that the core demand of the U.S. cryptocurrency industry has shifted from "regulatory leniency" to "regulatory certainty." The long-standing ambiguity in the division of responsibilities between the SEC and CFTC has led to unclear asset attributes and compliance pathways for trading venues, limiting large-scale institutional capital entry.
The key to the "market structure bill" lies in redefining power boundaries: which assets fall under securities regulation, which under commodities regulation, and how exchanges, custody, and clearing are incorporated into a unified framework. This essentially aims to build a foundational system for the crypto market similar to traditional finance.
The bipartisan push indicates that crypto has moved from a fringe issue to a national financial strategy level. The U.S. is promoting legislation at this stage not only to regulate risks but also to compete for the global rule-making authority in crypto finance, to prevent regulatory gaps from being filled by other jurisdictions.
On a deeper level, once the market structure is clarified, crypto assets will be more easily integrated into banks, funds, and brokerage systems, leading to a structural change in capital sources: shifting from retail-driven to institutional-driven, which will also reshape market volatility logic and pricing mechanisms.