- Kraken’s CLO testifies before Congress on crypto regulation.
- Santori calls for Congress to provide tools for safe markets.
- Former CFTC chairman advocates joint SEC rules for crypto.
Marco Santori, the Chief Legal Officer at Kraken, has announced that he will testify live before Congress at a historic joint hearing between the Agricultural and Financial Services committees. The hearing will focus on creating new rules that are fit-for-purpose for the crypto industry. Santori has expressed his intention to ask Congress to step in and change the current regulatory landscape for the better.
This announcement has caused excitement and speculation among the crypto community, as it could mark a significant turning point in how cryptocurrencies are regulated in the United States. Many eagerly anticipate the outcome of this hearing, which will take place on May 10 at 9:30 A.M ET and can be watched live.
According to his Twitter posts, Marco Santori is set to make a groundbreaking testimony before Congress tomorrow, explaining why the current regulatory situation in the US is not sustainable. According to Santori, other countries are speeding ahead while the US needs clarification.
He argues that this is not due to a lack of education on the part of regulators but rather a lack of tools and resources. Santori calls on Congress to step in and provide regulators with the tools required to foster safe and efficient markets while protecting consumers.
This is not just a matter of legal advocacy; it’s a matter of survival for companies like Kraken, which cannot plan for the future amidst endless litigation. Tomorrow’s hearing promises to be a pivotal moment in the history of crypto regulation in the United States, and Santori’s testimony is to be noticed.
In addition to Marco Santori, Timothy Massad, former chairman of the Commodity Futures Trading Commission, will testify before Congress. Massad advocates a unique approach to regulating the crypto industry, which involves directing the Securities and Exchange Commission to develop joint rules.