Kraken CLO and former CFTC Chairman will testify on crypto regulation by CoinEdition

Kraken CLO group and former CFTC chief to testify on crypto regulation

• Kraken’s CLO testifies before Congress on crypto regulation.
• Santori called on Congress to provide tools for safe markets.
• Former CFTC Chair Calls for Common SEC Rules for Cryptocurrency.

Kraken Chief Legal Officer Marco Santori has announced that he will testify directly before Congress at a historic joint hearing between the Financial Services and Agriculture Committees. The hearing will focus on creating new, fit-for-purpose rules in the crypto industry. Santori has expressed his intent to ask Congress to step in and change the current regulatory landscape for the better.

7/ Tomorrow I will ask Congress to step in and change this for the better. You can love it or hate it and watch it at 9:30AM ET tomorrow here: https://t.co/akuaNAj3lL

— Marco Santori (@msantoriESQ) May 9, 2023

This announcement 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 are eagerly anticipating 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 scheduled to give groundbreaking testimony before Congress tomorrow, explaining why the current regulatory situation in the United States will not continue. According to Santori, other countries are advancing quickly while the United States needs clarification.

He argues that this is not due to a lack of education on the part of the regulators but rather a lack of tools and resources. Santori calls on Congress to step in and provide regulators with the tools to promote safe and efficient markets while protecting consumers.

This is not just a matter of legal invitation. It’s a matter of survival for companies like Kraken, which can’t plan ahead amid endless litigation. Tomorrow’s session promises to be a pivotal moment in the history of cryptocurrency regulation in the United States, and Santori’s testimony should be noted.

In addition to Marco Santori, former CFTC Chairman Timothy Massad will also testify before Congress. Massad advocates a unique approach to regulating the crypto industry, which includes directing the Securities and Exchange Commission to develop common rules.

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