Marco Santori resigns as Kraken's legal chief, leaving a legacy in crypto legal battles and speculation on his future - IcoHolder.

Marco Santori, the longtime general counsel for cryptocurrency exchange Kraken, announced his resignation on Wednesday, leaving behind a legacy of significant legal accomplishments and stirring speculation about his future in politics.

Santori, who had served as Kraken’s chief legal officer for nearly five years, will continue to serve as a senior adviser to the company, helping to build a new "global advisory board." His departure marks the end of an era at Kraken, during which he navigated a series of legal hurdles for the company.

A Key Figure in Crypto Legal Battles

Santori gained prominence in the cryptocurrency world in 2017, when he championed the Simple Agreement for Future Tokens (SAFT) project during the peak of the initial coin offering (ICO) boom. The SAFT framework was designed to offer a legal structure for token sales and reduce regulatory uncertainty. At the time, Santori was a partner at the law firm Cooley LLP. He joined Kraken in 2020 as its general counsel, a role in which he helped the company overcome legal challenges, including battles over banking services and pushback from anti-crypto politicians.

In his farewell message, Santori reflected on Kraken’s legal victories and the difficulties it faced. One notable challenge involved defending the company against anti-crypto sentiments, where Kraken employees were sometimes used as “political punching bags.” Despite these struggles, Santori expressed admiration for the regulators he worked with, even offering an unexpected praise.

A Surprise Praise for Regulators

In a surprising turn, Santori described financial regulators as "wonderful people," though he quickly clarified with a lighthearted remark about SEC Chairman Gary Gensler. "Sorry to disappoint the revolutionaries in the room," he said, "but I’ve now met every financial regulator on the planet and I can say with absolute certainty that they are, for the most part, wonderful people." He went on to quip, “Okay, maybe not that one guy,” alluding to Gensler.

This warm sentiment toward regulators, particularly in the often contentious crypto space, has fueled speculation that Santori might be positioning himself for a political role, potentially within the upcoming Trump administration. While Santori did not respond to inquiries regarding such a position, the timing of his comments has drawn attention.

Kraken’s Future Plans

Although the specifics of Santori’s advisory role are still unclear, Kraken’s co-CEO, Arjun Sethi, assured that his involvement would not be ceremonial. "When people leave a company and mention they’ll be providing advice, it’s often just a polite exit note, but that’s not the case," Sethi posted on X (formerly Twitter). He added that he was eager to work with Santori to build the company’s global advisory board.

As Santori transitions to this new advisory role, his departure signals a significant shift at Kraken, which continues to navigate the complexities of the evolving cryptocurrency landscape.