“Wall Street Style” crypto regulation is coming soon, says Kraken Legal Director

Marco Santori, Kraken’s Chief Legal Officer, said the crypto industry will be subject to “Wall Street-style” regulation.

Marco Santori – Kraken’s Legal Director

“It is in vain if you do not believe that the industry will face tighter Wall Street-style regulation from governments in the United States and abroad. Kraken just has a realistic view of this future, ”Santori speak with Bloomberg.

Authorities have been stepping up crackdown on the crypto industry in an extremely hostile tone in recent months, from stablecoins to decentralized exchanges and loan products. With more regulators and the SEC issuing a series of warnings heralding stricter regulation, crypto companies should prepare for a fight.

Some industry leaders have taken an even tougher stance, such as Kraken founder and CEO Jesse Powell. Coinbase CEO Brian Armstrong sees it similarly

SEC vs. cryptocurrency company

Earlier this month, the SEC issued a warning to Coinbase threatening legal action if the product “Lend” continues to be launched. Following the announcement, Armstrong posted a series of critical tweets accusing the regulator of “arbitrary” behavior. Even billionaire Mark Cuban believes Coinbase should “aggressively oppose the SEC,” as Bitcoin Magazine reported.

While these leaders may express the frustration of many in the crypto industry, Santori says this approach backfires. Although he admits that this is how many people actually feel, Santori believes that working openly is the only real solution.

“I cannot support this approach with the regulators. It has never been successful in history and from our experience we have found that the SEC is always open to discussion. ”

Eventually, due to pressure from the SEC, Coinbase decided to abandon its intention to offer a Lend product. According to the exchange’s latest job advertisement, Coinbase wants to strengthen its protection and is looking for people with lobbying and compliance expertise.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

At home at home

According to Beincrypto

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page