The lawyer and crypto enthusiast Bill Morgan questioned the retired securities lawyer Marc Fagel, who defended the US Securities and Exchange Commission (SEC) in the long-existing SEC-Ripple battle. Referring to the words of the attorney Marco Santori, Morgan confronted Fagel on the requisite of registering to the SEC if there is no registration process that fits into the crypto space.
On May 10, the crypto enthusiast Ashley PROSPER, incorporated a video clip from the Congress’s Joint Crypto Regulation Hearing, in which Santori, the Chief Legal Advisor of the leading crypto exchange Kraken answered several questions raised by the Congressmen:
#XRP #XRPCommunity
— Ashley PROSPER (@AshleyPROSPER1) May 10, 2023
Republican Congressman @wileynickel – "SEC Chair Gensler has consistently said that crypto companies need to 'come in, and register'… have you tried registering at the SEC…?"
See the Chief Legal Officer at Krakens @msantoriESQ response👇 pic.twitter.com/C7AOoJxCdZ
Notably, the meeting entitled “The Future of Digital Assets: Measuring the Regulatory Gaps in the Digital Asset Markets”, held by the House Financial Services Committee, in collaboration with the House Agricultural Committee has been intended to consider the role of crypto in the fast-moving world and the role of regulations in the fast-evolving crypto industry.
Among the many questions that the Kraken’s lawyer encountered was the one put forward by the Republican Congressman Wiley Nickel. Nickel asked Santori whether he has tried registering at the SEC, reflecting on the SEC’s instructions on every crypto exchange to be registered.
Responding to the question, the lawyer asserted that the registration with the SEC isn’t simple, adding that it’s unclear to every crypto company as well as the regulators “what registration means”. He also pointed out that there is “no realistic path to registration under the existing vision”.
Previously, during an open community chat, Fagel opined that SEC was right in its argument against Ripple, stating:
My opinion, based on 30 years as a lawyer both for & against the SEC, is that the SEC is correct that Ripple violated Section 5. But I also wouldn’t be shocked if the court rules otherwise.
Corroborating his previous argument, Fagel, at present, replied to Morgan that it’s not recommended to “ignore the law” if there is no convenient way to “comply” with it.
