Ex-Kraken Legal Head Marco Santori Joins Pantera Capital as General Partner

Marco Santori, previously the chief legal officer at Kraken, has been appointed as a general partner at Pantera Capital, a move reflecting the growing need for regulatory expertise in the crypto industry as it prepares for public listings.

• Marco Santori appointed as general partner at Pantera Capital
• Focus on navigating regulatory challenges and supporting startups
• Creator of the SAFT framework

Marco Santori, the former chief legal officer at Kraken, has transitioned into a key role at Pantera Capital, a California-based venture capital firm managing over $5 billion in assets. His new position as a general partner underscores the firm’s commitment to guiding startups through the complex regulatory environment of the cryptocurrency sector. At Pantera, Santori will concentrate on companies operating in regulated spaces, helping them to innovate and expand while staying within legal boundaries.

Santori’s journey in the crypto world is notable, having led a legal team of nearly 70 lawyers at Kraken and successfully navigated two SEC enforcement actions. His role at Blockchain.com further honed his expertise in regulatory compliance. Even as he shifts to Pantera Capital, Santori will continue to serve as a senior adviser to Kraken, maintaining his influential presence across the industry.

One of Santori’s most significant contributions to the crypto legal landscape is the creation of the SAFT (Simple Agreement for Future Tokens) framework. This tool allows blockchain projects to raise funds by selling tokens to investors before the tokens are fully developed and launched. The SAFT framework is crucial for providing a compliant structure, ensuring investor protection and regulatory adherence. It has been pivotal in several high-profile token sales, demonstrating its effectiveness in navigating the regulatory maze.

Santori’s appointment at Pantera Capital highlights a broader trend in the crypto industry: a surge in investor interest in token deals and crypto IPOs, driven by the need for regulatory clarity and compliance. His experience and vision will be instrumental as Pantera aims to invest in companies that can responsibly navigate this environment.

“For twelve years I’ve worked alongside you all to build the regulatory environment crypto enjoys today. We’ve won allies in Congress, unseated its most vicious detractors, and even helped put a pro-crypto president in the White House. The work’s not done, but we’re clearly in a new era, and now it’s time to invest in it.”

As the crypto industry continues to evolve, Santori’s role at Pantera Capital will be pivotal in guiding emerging startups through compliance challenges. Navigating the regulatory maze is no small task, but with Santori, the crypto industry’s legal wizard, leading the charge, there’s hope for a more regulated and mature future.

While Santori’s move to Pantera Capital is a testament to the importance of regulatory expertise, it’s also a reminder of the crypto industry’s ongoing volatility. Tokens like KAS and FET have shown significant gains recently, while others like BONK have experienced declines, painting a picture of a market that’s constantly shifting. In this dynamic landscape, Santori’s expertise will be crucial in helping companies not just survive but thrive.

It’s worth noting that while the SAFT framework is essential, other financial instruments like SAFEs (Simple Agreement for Future Equity) and token warrants also play roles in the crypto space. Each serves a unique purpose, and understanding these differences can provide a more comprehensive view of the industry’s financial strategies.

But let’s not forget the human element in all this. Santori’s journey from Kraken to Pantera Capital isn’t just about regulatory compliance; it’s about pushing the boundaries of what’s possible in the crypto world. It’s about building a future where innovation and regulation can coexist, where startups can dream big but also play by the rules. As we watch this new chapter unfold, one thing’s clear: with Santori at the helm, the crypto industry is in good hands.

Key Takeaways and Questions

• What is the role of Marco Santori at Pantera Capital?

  Marco Santori serves as a general partner at Pantera Capital, focusing on companies in regulated spaces and helping them navigate regulatory challenges.

• What is the SAFT framework and why is it significant?

  The SAFT framework is a legal tool used by crypto projects to sell tokens to investors before launching. It is significant because it provides a compliant structure for token sales, crucial for investor protection and regulatory adherence.

• How does Santori’s experience at Kraken and Blockchain.com prepare him for his new role?

  Santori’s experience leading legal teams and dealing with SEC enforcement actions at Kraken and Blockchain.com has equipped him with the necessary knowledge to guide Pantera Capital through regulatory complexities.

• What does Santori’s appointment indicate about the current state of the crypto industry?

  Santori’s appointment reflects the industry’s increasing focus on regulatory compliance and preparation for public listings, indicating a maturation and growing interest from institutional investors.