The cryptocurrency market was a feisty space this week, with major players fighting back against regulatory and legal challenges. Binance and Coinbase took steps to defend themselves, and Kraken reiterated its strong defense as Chief Legal Officer Marco Santori appeared on Decrypt’s gm podcast. Meanwhile, despite a brief dip, Bitcoin continued to rise in value, buoyed by optimistic takes on its future and rosier skies for mining companies.
Crypto strikes back? After government regulators made a seemingly concerted push against crypto last week, major players powered up their respective fights. Binance stocked up on legal firepower as it and its leader Changpeng Zhao took fire, and Coinbase responded to its Wells Notice from the SEC, calling it a “mystifying effort to extinguish major portions of its business.” Also, Kraken legal chief Marco Santori told Decrypt the firm was still “fighting the fight” against regulators.
In Web3, the talk of the town continues to be the rising rivals to Elon Musk-led Twitter: decentralized platforms Bluesky and Nostr. Both hope to benefit from the Midas touch of Twitter co-founder Jack Dorsey. Bluesky in particular saw explosive growth this week, with politicians and celebrities signing on.
The Bitcoin Lightning Network also got some attention, with Lightning Labs launching new tools and with its user adoption rising thanks to the “Zaps” micropayment system on Nostr.
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There’s no doubt that the SEC dealt Krakenâand the outlook for crypto staking products in the U.S.âa big blow when it announced a $30 million settlement and ordered the company to stop offering the service to its customers in the states in February. Now Marco Santori, the company’s chief legal officer, says the exchange is eager to move on from it.
Marco Santori, Kraken’s chief legal officer, says the exchange is reckoning with a really challenging regulatory environment and growing its customer base overseas. And despite its recent setback, he quips: “Kraken’s master account application has not yet been rejected.”
