According to Marco Santori, chief legal officer of Kraken, the crypto exchange submitted an application for a Federal Reserve master account in October 2020, but the US central bank has yet to reject it. Santori stated on Decrypt’s gm podcast that Kraken is working behind the sce...
Santori stated on Decrypt’s gm podcast that Kraken is working behind the scenes to get connected to the FedNow network that major financial institutions use to settle transactions.
Santori explained that Kraken is fighting the battle privately as it is not always effective to pursue a public fight.
The SEC accused Kraken of not registering its staking-as-a-service program offer and sale.
As a result, Kraken agreed to stop providing the service to its American clients but didn’t accept the allegations stated in the SEC’s complaint.
Despite the crackdown, Kraken’s Chief Legal Officer, Marco Santori, remains undaunted and thinks that regulatory involvement is expected in an innovative industry like crypto.