Wall Street-esque regulation is coming to the cryptocurrency industry, so it pays to play nice. That’s the message from
While Coinbase head
“You’re just living in a fantasy world if you don’t believe that this industry is going to face heavier, more Wall Street-like regulation from governments in the U.S. and abroad, and Kraken has simply been practical about that future,” Santori said on Bloomberg’s “QuickTake Stock” broadcast Thursday.
Coinbase CEO Armstrong unleashed a barrage of critical tweets this month after the SEC sent a notice to the exchange that it could be sued if it went ahead with its crypto lending project, accusing the agency of “
“I’ve certainly followed Brian’s tweets, and I’ll say that look, you’re just not being honest with yourself about the crypto community if a little bit of you doesn’t think he’s saying what a lot of people are thinking,” Santori said. “I can’t support that kind of approach with regulators. It’s never been successful historically and from our experience, we’ve found the SEC to be open to discussion.”
--With assistance from
To contact the editors responsible for this story:
© 2021 Bloomberg L.P. All rights reserved. Used with permission.