According to CoinMeta, Kraken, co-founder of CEO David Ripley, stated that European MiCA regulations provide clarity for market rules, whereas the regulatory environment in the United States is more confrontational. He pointed out that the advancement of Clarity legislation has been slow, and if the U.S. delays in advancing crypto regulation legislation, its leadership in financial innovation could be taken over by the European Union. Kraken obtained a MiCA license from the Central Bank of Ireland (CBI) in June 2025, allowing it to operate in the 30 member countries of the European Economic Area (EEA).