Working against Kraken is a lawsuit brought last year by the SEC, the agency that will have to approve its public listing. It’s worth noting several other exchanges and brokerages, including Israel-based eToro and CoinDesk’s parent company Bullish, explored going public but were blocked by the SEC. Bitpanda, in the E.U., and Bitso, in Mexico, should also be watched, if expanding the conversation beyond U.S. markets.