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Crypto exchange Kraken fires CFO Stephanie Lemmerman as long-awaited IPO draws closer

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Kraken parent company Payward says revenue grew 33% in 2025

Kraken sacked its chief financial officer, Stephanie Lemmerman, just as the crypto exchange prepares to publicly list in the U.S. in the early part of this year, according to two people familiar with the matter.

Lemmerman joined Kraken from Dapper Labs in November 2024 and was the exchange’s CFO for one year and four months. She now has a strategic advisory role at Kraken, one of the people said.

Robert Moore, formerly VP of business expansion, has basically taken over her job, the person said. An updated leadership page on the website of Kraken’s parent company, Payward Inc., lists Moore as deputy CFO. Lemmerman does not appear.

Clearly it matters that Kraken has removed its CFO after lodging a confidential filing with U.S. regulators in November. That came just days after Kraken raised $800 million at a $20 billion valuation, including $200 million from Citadel Securities.

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Other people who have been promoted to senior roles include Curtis Ting, who was made chief operating officer in December, and Kamo Asatryan was made chief data officer in January.

A second person familiar with the changes said finance at Kraken is changing to become more of a product than a back-office function.

Kraken declined to comment.

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Crypto World

CFTC Chair Says Agency is Ready to Oversee Entire Crypto Market

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CFTC Chair Says Agency is Ready to Oversee Entire Crypto Market

Michael Selig, US President Donald Trump’s nominee leading the Commodity Futures Trading Commission (CFTC), said the agency was prepared to oversee the entire $3 trillion crypto industry, with no timeline for Congress to pass a crucial market structure bill.

In a Wednesday statement about his first 100 days as CFTC chair, Selig said that the commission was “ready to take responsibility” for the crypto market and reiterated his claim that it was the sole regulator to oversee prediction markets.

His comments come as the US Senate considers the CLARITY Act, a crypto market structure bill that has been effectively stalled in committee amid discussions over stablecoin yield and other issues.

“The same regulatory clarity being delivered to the crypto industry is being developed for prediction markets, which can serve as powerful tools for information discovery and are regulated by the CFTC under the Commodity Exchange Act,” said Selig.

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Under Selig, who was confirmed by the Senate in December, the CFTC has adopted many policies signaling that the agency would soften its enforcement and regulation of digital assets compared to previous administrations. In March, the agency announced a memorandum of understanding with the Securities and Exchange Commission (SEC) as part of efforts to coordinate on regulation, including digital assets.

Related: Crypto exchange KuCoin agrees to $500K settlement, ending CFTC case

Although early drafts of the market structure bill suggested the legislation could give the CFTC additional authority to oversee digital assets, the SEC is expected to continue regulating cryptocurrencies it considers to be securities.

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Lawmakers pressing CFTC on insider trading claims over prediction markets

US state authorities and federal lawmakers have been targeting prediction market platforms like Kalshi and Polymarket over alleged violations of gaming laws and claims of politicians using insider information to profit.

While many of the state-level actions continue to be litigated in court, Selig has claimed that the CFTC has “exclusive jurisdiction” over prediction markets and threatened legal action against any challenges to its authority.

In a Tuesday event, CFTC enforcement director David Miller said that the agency’s position was that event contracts on prediction markets were not “gaming” but rather “swaps” that fall under its purview.

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Some lawmakers have also proposed legislation to ban elected officials with insider information from profiting from event contracts after suspicious trades on military actions involving Iran and Venezuela.

Magazine: A newbie’s guide to surviving crypto winter