Kraken's Chief Legal Officer: Banks are shying away from taking on crypto customers
Marco Santori is the Chief Legal Officer for Kraken — the crypto exchange recently charged by the SEC for failing to register the offer and sale of its "crypto asset staking as-a-service program" in the U.S.
In this episode, Santori explains how recent regulatory actions in the U.S. have caused banks to become hesitant to accept crypto companies as new clients, and how this favors 'incumbent' crypto players such as Coinbase and Kraken.
During this episode, Chaparro and Santori also discuss:
'Operation Choke Point 2.0'
Kraken's efforts to establish a bank
How regulators view DeFi
This episode is brought to you by our sponsors Circle, Railgun, Flare Network
About Circle
Circle is a global financial technology company helping money move at internet speed. Our mission is to raise global economic prosperity through the frictionless exchange of value. Visit Circle.com to learn more.
About Railgun
Railgun is a private DeFi solution on Ethereum, BSC, Arbitrum and Polygon. Shield any ERC-20 token and any NFT into a Private Balance and let Railgun’s zero-knowledge cryptography encrypt your address, balance and transaction history. You can also bring privacy to your project with Railgun SDK, and be sure to check out Railgun with partner project Railway Wallet, also available on iOS and Android. Visit Railgun.org to find out more.
About Flare
Flare is an EVM-based Layer 1 blockchain designed to allow developers to build applications that can use data from other blockchains and the internet. By providing decentralized access to a wide variety of high-integrity data from other blockchains and the internet, Flare enables new use cases and monetization models. Build better and connect everything at Flare.Network.
Blockchain.com CEO Peter Smith talks Dallas Cowboys sponsorship, IPO rumors
Founded back in 2011, Blockchain.com recently closed a Series D funding round in March at a valuation of $14 billion, making the crypto company both one of the longest-operating exchanges as well as one of the highest valued in the industry.
After spending effectively “zero” on marketing for over a decade, Blockchain.com recently announced a sponsorship deal with the Dallas Cowboys, becoming the first crypto company to ink a deal with an NFL team approved by the league.
In this episode of The Scoop, Peter Smith, CEO of Blockchain.com, discusses his company’s upcoming strategy, including IPO rumors and the rationale behind their Cowboys partnership.
As he explains during the interview, Smith wants “to work with the biggest and the best,” making the Cowboys the ideal choice for Blockchain.com’s first sports partnership:
“When you really study these marketing deals, you're basically looking for who has the biggest fan base, the demographics of the fan base, and then the TV side of it,” Smith said. “We really wanted to work with them because of the fan base and the TV exposure.”
Blockchain.com was also in the news in April, when a Bloomberg report circulated suggesting the company is planning an IPO for some time this year. However, when asked about the report, Smith commented that it must have been “a slow news day at Bloomberg.”
While Smith believes Blockchain.com “will be a public company someday – and probably sooner than later,” he clarified: “We haven't done anything in the last 60 days that's different than what we've been doing for the last nine months preparing to someday be a public company.”
Episode 39 of Season 4 of The Scoop was recorded remotely with The Block’s Frank Chaparro and Peter Smith, CEO of Blockchain.com
Listen below, and subscribe to The Scoop on Apple, Spotify, Google Podcasts, Stitcher or wherever you listen to podcasts. Email feedback and revision requests to podcast@theblockcrypto.com.
This episode is brought to you by our sponsors Fireblocks, Coinbase Prime & Cross River
Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks enables exchanges, lending desks, custodians, banks, trading desks, and hedge funds to securely scale digital asset operations through the Fireblocks Network and MPC-based Wallet Infrastructure. Fireblocks serves over 725 financial institutions, has secured the transfer of over $1.5 trillion in digital assets, and has a unique insurance policy that covers assets in storage & transit. For more information, please visit www.fireblocks.com.
About Coinbase Prime
Coinbase Prime is an integrated solution that provides institutional investors with an advanced trading platform, secure custody, and prime services to manage all their crypto assets in one place. Coinbase Prime fully integrates crypto trading and custody on a single platform, and gives clients the best all-in pricing in their network using their proprietary Smart Order Router and algorithmic execution. For more information, visit www.coinbase.com/prime.
About Cross River
Cross River is powering today’s most innovative crypto companies, with banking and payments solutions you can rely on, including fiat on/off ramp solutions. Whether you are a crypto exchange, NFT marketplace, or wallet, Cross River’s API-based, all-in-one platform enables banking as a service, ACH & wire transfers, push-to-card disbursements, real-time payments, and virtual accounts and subledgers. Request your fiat on/off ramp solution now at crossriver.com/crypto.
Blockchain.com's Peter Smith sees innovation but thinks some will be unprepared for a ‘Crypto Winter’
"The market filled your sail with wind and now you're doing a good job of sailing. But are you ready to survive the next time the wind drops?"
Blockchain.com, one of the longest operating firms in the crypto space, has been successful at taking the long road. Now the U.K.-based company is building out its stockpile of cash reserves to prepare for a possible ‘Crypto Winter’ on the horizon -- that is, a prolonged downturn in the market.
"I think when I look out over the space right now, there's going to be a lot of folks who are unprepared for that," CEO and co-founder Peter Smith told The Scoop host Frank Chaparro.
Blockchain.com recently obtained a $5.2 billion valuation following several rounds of funding in 2021, including a $300 million round of funding most recently in March.
Chaparro and Smith also discussed some of the on-chain innovations that Smith is looking out for in the immediate future. One such example that Smith believes could invigorate public interest in the space is the launch of on-chain consumer apps, which Smith predicts could begin as soon as later this year.
“It's going to lead to an explosion of innovation, probably something like when Apple created the App Store“. He likened the advent of such on-chain crypto apps to the rise of Web apps most are familiar with on their phones or tablets. “You’re on the phone 24hrs a day, the same thing will happen in crypto.” Smith noted that he hopes Blockchain.com could one day become one of the builders of such apps.
Smith also highlighted the public interest in whether Blockchain.com may follow other industry companies in going public. He affirmed the company's appetite to one day tap public markets but cautioned that the team is waiting for the right time to take that step. Smith said that the company is currently focused on M&A, with four deals in progress as Blockchain.com looks to step up its market share.
Episode 52 of Season 3 of The Scoop was recorded remotely with The Block’s Frank Chaparro and Peter Smith, Co-founder & CEO at Blockchain.com
Listen below, and subscribe to The Scoop on Apple, Spotify, Google Podcasts, Stitcher or wherever you listen to podcasts. Email feedback and revision requests to podcast@theblockcrypto.com.
This episode is brought to you by our sponsors Eventus, Kraken, and Exodus
Eventus is the leading global provider of multi-asset class trade surveillance, transaction monitoring and market risk solutions. Eventus offers a powerful, award-winning trade surveillance platform that is easy to deploy, customize and operate. Eventus is proven in the most complex, high-volume and real-time environments and supports many of the industry’s leading crypto exchanges including Coinbase, Gemini, ErisX and OSL. The company’s rapidly growing client base relies on Eventus’ responsive support and product development teams to overcome its most pressing regulatory challenges.
About Kraken
Whether you’re an experienced crypto trader or just starting out, Kraken has the tools to help you achieve financial freedom. With 50+ cryptocurrencies to choose from, industry-leading security and a wide variety of features to suit any investing strategy, Kraken puts the power in your hands to buy, sell and trade digital assets. Visit Kraken.com to get started today.
About Exodus
Exodus is leading the world out of traditional finance by building beautiful and user-friendly crypto products. Forget having to learn the nuances of different cryptocurrencies. Exodus is designed for everyone and hides the complex details behind a beautiful and intuitive interface.
Buy and sell one cryptocurrency for another from the comfort of your wallet, in seconds. Funds remain under your full control.
Secure, manage, stake, and exchange all of your favorite cryptocurrencies from one wallet. No account registration is required. Download Exodus at Exodus.com or directly from Google Play and the iOS App Store and you’re ready to go.
Blockchain.com CEO says Bitcoin Maxis are wrong about BitClout and DeFi
Peter Smith has been in the crypto space for a long time — and he's learned a thing or two about how the market ebbs and flows. He's come to the conclusion that Bitcoin's success — as well as the success of his own company — doesn't depend on other project's failures.
–––
LUKKA
Lukka Prime is crypto asset pricing data aligned to accounting standards like GAAP and IFRS. Lukka Prime Pricing Data is the pricing source used by S&P Dow Jones Indices’ for their new cryptocurrency indices. Lukka Prime is the world’s first fair market value pricing source for crypto assets and the best option for all post-trade reporting needs. Visit lukka.tech/empire to learn more.
–––
EXODUS
Download the app today at http://exodus.com/empire and iOS users can buy up to $500 in Bitcoin for just $1 for a limited time.
–––
Empire is brought to you by Blockworks, a financial media brand delivering breaking news and premium insights about digital assets to millions of investors. For more content like Empire, visit http://blockworks.co/podcasts.
Follow me on Twitter @JasonYanowitz and let me know what you thought of the show!
Crypto hype cycles and the future of Blockchain.com with CEO Peter Smith
Blockchain.com is one of the oldest companies in the crypto world. Best known for its consumer wallet business, the firm has expanded into new verticals over the past year, launching an exchange, institutional lending, and over-the-counter trading businesses.
On this episode of The Scoop, Blockchain.com CEO Peter Smith joined The Block's Frank Chaparro to discuss:
how the firm has leveraged its 40 million wallet accounts to break into new segments
the size of the non-custodial market versus the custodial market
The crowded crypto exchange space
Facebook Libra
Episode 5 of Season 2 of The Scoop was recorded at Blockchain.com's New York office with Frank Chaparro and Peter Smith, Founder and CEO at Blockchain.com. Listen below, and subscribe to The Scoop on Apple, Spotify, Google Play, Stitcher, or wherever you listen to podcasts. Email feedback and revision requests to podcast@theblockcrypto.com
Peter Smith, CEO of Blockchain, on Its Dark Pool, Crypto Lending Operation and Intention to Go Public - Ep.122
Peter Smith, the CEO of Blockchain, discusses how the company got started, why the company is focused on users owning their own private keys and how that is what enables all the most interesting applications of blockchain technology. He talks about the full range of customers and markets they serve, their lending business and their dark pool. We also discuss regulation, SegWit, nation-states getting involved in crypto and why Blockchain plans to go public.
Read more on Forbes.com: http://www.forbes.com/sites/laurashin/2019/06/04/everything-interesting-in-crypto-relies-on-having-a-private-key/
Thank you to our sponsors!
Kraken: https://www.kraken.com
CipherTrace: http://ciphertrace.com/unchained
Episode links:
Peter Smith: https://twitter.com/OneMorePeter
Blockchain: https://www.blockchain.com
Wired article on the short period when cofounder Ben Reeves worked with Brian Armstrong: https://www.wired.com/2014/03/what-is-bitcoin/
Dovey Wan tweet on manipulative trade on Bitstamp/Bitmex: https://twitter.com/DoveyWan/status/1129246233917382656
Fortune article on Blockchain launching an exchange: http://fortune.com/2018/02/15/blockchain-google-coinbase/
SEC guidance mentioning airdrops: https://www.sec.gov/files/dlt-framework.pdf
FinCen guidance mentioning hosted vs. unheated wallets: https://www.fincen.gov/sites/default/files/2019-05/FinCEN%20Guidance%20CVC%20FINAL%20508.pdf
Blockchain's Airdrop of XLM: https://www.theblockcrypto.com/2018/11/06/stellar-is-airdropping-125-million-to-blockchain-wallet-users/
The Wall Street exodus from crypto: https://www.crowdfundinsider.com/2019/01/143834-is-the-exodus-from-wall-street-to-crypto-reversing-jamie-selway-leaves-blockchain/
Learn more about your ad choices. Visit megaphone.fm/adchoices
Down 94% Since Winter, What Has Happened to ICOs? - Ep.91
After the ICO craze of 2017, such offerings have raised extremely little so far this fall, with total sales in October down 94% since February, according to Token Data. Why? And where to next? Andy Bromberg, president of CoinList, and Marco Santori, president and chief legal officer of Blockchain, discuss the changing nature of token sales. Andy reveals how the projects approaching CoinList have changed over the last year, how investors are changing their approach to due diligence in the space, and how CoinList complies with various regulations. Marco explains the origin of the SAFT framework, what laws would apply outside of securities regulation and why rulings in civil lawsuits and no-action letter are likely the next way we'll get regulatory clarity. We also discuss why the Civil token sale failed, why airdrops could be a better than ICOs for seeding usage on networks and how to figure out which wallets to target in an airdrop. Plus: Marco and Andy disagree on one aspect or how regulation could apply to airdrops.
Thank you to our sponsors!
WeTrust: Donate in crypto and have your donation matched by WeTrust through Giving Tuesday, November 27! http://wetrust.io/unchained
Abra: Click this special link for a free $25 in Bitcoin! https://www.abra.com/unchained
Episode Links
Andy Bromberg: https://twitter.com/andy_bromberg
CoinList: https://coinlist.co
Marco Santori: https://twitter.com/msantoriESQ
Blockchain: https://www.blockchain.com
Autonomous Next data on September ICOs down 90% since January: https://next.autonomous.com/thoughts/crypto-september-icos-90-down-from-january-but-venture-funding-is-ray-of-hope
Token Data on October ICOs down 94% since February: https://twitter.com/TokenData/status/1057953301440983040
SAFT project: https://saftproject.com
Previous episode with Marco and Joshua Ashley Klayman including her concerns about the SAFT framework: http://unchainedpodcast.co/how-crypto-and-blockchain-technology-should-be-regulated
SEC Director of Finance Bill Hinman's comments that ether is not a security (5:25): https://finance.yahoo.com/news/sec-announces-ether-not-security-162658147.html
Jay Clayton's comments that every ICO he's seen is a security: https://www.coindesk.com/sec-chief-clayton-every-ico-ive-seen-security/
Civil token sale: https://tokenfoundry.com/projects/civil
Blockchain's Airdrop program: https://www.blockchain.com/airdrop
CoinList's Airdrops program: https://airdrops.coinlist.co
Learn more about your ad choices. Visit megaphone.fm/adchoices
Trends in Crypto: Marco Santori, Michael Sonnenshein and Barbara Minuzzi on 2017 and What's Next
In this live recording of a panel discussion at the CoinAlts Fund Symposium, Marco Santori, president and chief legal officer of Blockchain, managing director at Grayscale Investments, and Barbara Minuzzi, cofounder and managing partner of Ausum Ventures take stock of the 2017 year and discuss a range of trends they're seeing in the industry. Santori describes what the ICO wave was like from his seat as one of the most in-demand lawyers for ICOs, and why he doesn't actually think that securities (such as a SAFT) can later transform into something that is a non-security. He also talks about how big corporations are thinking about use blockchain technology -- and why we haven't yet seen much activity on that front in the market. We talk about the current clouds over the industry -- custody and regulation -- and Sonnenshein explains why investors choose Grayscale's investment products, such as the Bitcoin Investment Trust, rather that investing in the coin directly, and
Blockchain.info: https://blockchain.info
Grayscale Investments: https://grayscale.co
Ausum Ventures: https://www.ausum.vc
Thank you to the CoinAlts Fund Symposium for hosting the panel: https://www.coinaltsfundsymposium.com
For more on regulatory issues, check out these past episodes:
Perianne Boring and Amy Kim of the Chamber of Digital Commerce on crypto regulation: http://unchainedpodcast.co/the-chamber-of-digital-commerces-perianne-boring-and-amy-kim-on-why-us-crypto-regulation-is-complicated-and-confusing
The Tax Rules That Have Crypto Investors Aghast: http://unchainedpodcast.co/the-tax-rules-that-have-crypto-users-aghast
How Crypto and Blockchain Technology Should Be Regulated: http://unchainedpodcast.co/how-crypto-and-blockchain-technology-should-be-regulated
Jerry Brito and Peter Van Valkenburgh of Coin Center: http://unchainedpodcast.co/how-coin-center-is-helping-define-the-big-fuzzy-gray-area-of-blockchain-and-cryptocurrency-law
Caitlin Long on How 'Utility Tokens' Are Now Legal in Wyoming: http://unconfirmed.libsyn.com/caitlin-long-on-how-utility-tokens-are-now-legal-in-wyoming
Former DOJ Prosecutor Kathryn Haun on What the SEC Subpoenas and FinCen Letter Likely Mean: http://unconfirmed.libsyn.com/sxsw-episode-former-doj-prosecutor-kathryn-haun-on-what-the-sec-subpoenas-and-fincen-letter-likely-mean
For more on custody issues, check out the episode with Mike Belshe of BitGo and its acquisition of Kingdom Trust: http://unchainedpodcast.co/mike-belshe-on-what-bitgos-kingdom-trust-acquisition-means-for-crypto-and-how-security-will-develop-in-the-future
Thank you to our sponsors!
Ethereal Summit: https://etherealsummit.com
Quantstamp: https://www.quantstamp.com
StartEngine: https://www.startengine.com/unchained
Learn more about your ad choices. Visit megaphone.fm/adchoices
