- Kraken’s CLO testifies earlier than Congress on crypto regulation.
- Santori calls on Congress to supply instruments for secure markets.
- Former CFTC chairman advocates frequent SEC guidelines for crypto.
Marco Santori, Kraken’s chief authorized officer, has introduced that he’ll testify reside earlier than Congress in a historic joint listening to between the agricultural and monetary providers committees. The listening to will deal with creating new guidelines appropriate for the crypto trade. Santori has expressed his intention to ask Congress to step in and alter the present regulatory panorama for the higher.
This announcement has sparked pleasure and hypothesis inside the crypto group because it might mark a major shift in how cryptocurrencies are regulated in america. Many are eagerly awaiting the result of that listening to, which is able to happen on Could 10 at 9:30 a.m. ET and might be considered reside.
In response to his Twitter posts, Marco Santori is about to provide groundbreaking testimony to Congress tomorrow, explaining why the present regulatory scenario in america isn’t sustainable. In response to Santori, different international locations are accelerating whereas america wants clarification.
He argues that this isn’t attributable to an absence of training on the a part of regulators, however slightly an absence of instruments and assets. Santori is looking on Congress to step in and supply regulators with the instruments to foster secure and environment friendly markets whereas defending customers.
It is not only a matter of authorized advocacy; it is a matter of survival for firms like Kraken, which may’t plan for the longer term amid limitless litigation. Tomorrow’s listening to guarantees to be a pivotal second within the historical past of crypto regulation in america, and Santori’s testimony is noteworthy.
In addition to Marco Santori, Timothy Massad, former chairman of the Commodity Futures Buying and selling Fee, will testify earlier than Congress. Massad advocates a one-size-fits-all method to regulating the crypto trade, which includes asking the Securities and Change Fee to develop frequent guidelines.