The legal chief officer from Kraken, Marco Santori, shared his insight around cryptocurrencies and the crypto market in general. He addressed those who believe that all the regulations and policies that are built around the use, trade, or investment in crypto are indeed a little too harsh. He explained to Bloomberg that anyone who thinks that these policies are futile and shouldn’t be in place is living in a fantasy world.
If Wall Street is regulated then crypto market should also come under regulatory rules. Wall Street is still a legal and commendable business that is centralized and operates heavily under the policies and regulations made by the US government and other regulatory bodies. As for the crypto market, it is not a centralized business model, and that is why endorse heavier penalties. This is definitely a blow to those who were hoping that by some miracle, the Securities and Exchange Commission would come a little lighter on cryptocurrencies.
Crypto Market Can’t Function Without Proper Regulatory Guidelines
The comments made by Marco are based on the recent threat made by the Securities and Exchange Commission to take severe action against Coinbase, which is a crypto exchange. The very matter is that Coinbase is running a yield program which the Securities and Exchange Commission believes to be a security, and that is why it wants to impose further regulations. Brian Armstrong, the CEO of Coinbase, took a rather defensive and competitive approach on social media platforms, racing support against the Securities and Exchange Commission’s decision to halt the program which the exchange is currently delegating. Marco says that Brian shouldn’t have gone all hostile on the social media against SEC as the Securities and Exchange Commission is always open to dialogue and discussion. The matter should have been brought under the notice of the Commission, and surely there would have been a way with all of this. The SEC continues to impose heavy regulations not only on cryptocurrencies but all the products, services, and programs that are built around their trade or exchange in any possible way.