According to Marco Santori, the Chief Legal Officer at Kraken, the launch is on track. He even shared plans to order heaps of pens with little ball chains connected to them, which will be distributed to Wall Street banks and adorned with Kraken’s logo. The enterprise has not let regulatory obstacles deter its progress and is pressing ahead with its plans to set up its financial institution.
Launching a new bank from the cryptocurrency sector is daring because the industry is nevertheless grappling with the aftermath of FTX’s collapse. The past few weeks have seen several enforcement moves and developing uncertainty concerning regulations.
When asked about the SEC settlement, Santori chose no longer to delve into the small print but validated that staking solely accounted for a small fraction of Kraken’s revenue. Additionally, he stated that Kraken neither admitted nor denied any of the allegations in the complaint.
According to Santori, Kraken’s banking relationships are secure, and have a various set of banks worldwide. However, he also shed mild on the increasing caution amongst banks that could hinder innovation in the crypto sector.
Santori believes the world is returning to a period where banks will be very cautious about opening accounts, making it difficult for new ideas to grant infrastructure to the crypto economy. While established agencies like Wall Street, Kraken, and Coinbase might also be unaffected, it will be difficult for those with novel ideas.
He clarified that no clandestine group in Washington, D.C., is devoted to opposing cryptocurrencies. However, he mentioned that a cohort of regulators shares a comparable perspective toward crypto.
According to the Kraken felony head, they believe that the current country of cryptocurrencies is significant, whilst their manageable future trends preserve much less importance.