Marco Santori, chief legal officer of crypto exchange Kraken, shared his thoughts on crypto regulations on Bloomberg’s “QuickTake Stock” program.
Calling on US financial regulators and crypto companies to adopt a more constructive and pragmatist approach to cryptocurrencies, Santori said:
The crypto industry will face heavier, Wall Street-like regulations in the US from governments abroad. If you don’t believe it, you live in a fantasy world.
These comments by Santori on crypto regulations brought to mind the SEC’s threats to sue the famous crypto exchange Coinbase over a crypto returns program that it considers a security.
When asked for his comments on developments between Coinbase and the SEC, Kraken legal counsel said; Coinbase CEO Brian Armstrong said he’s been following conversations on social media, saying that while the CEO has expressed frustration felt by many in the crypto community, he doesn’t support Armstrong’s views.
Stating that fighting with the SEC will not lead to a positive outcome, Santori stated that Coinbase CEO Armstrong soon returned from his rhetoric and began to voice the pragmatic approach adopted by Kraken, and added:
I cannot support this kind of approach with editors. It has never been successful historically, and from our experience we have found the SEC to be up for debate.