🐙 Kraken’s Sethi: UK Crypto Rules Are a Snail’s Pace in a Rocket Age 🚀

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In the shadow of regulation, where the clock ticks backward

  • Arjun Sethi, Kraken’s Co-CEO, laments the UK’s crypto rules as a straitjacket for innovation, slowing transactions to a glacial crawl and locking away 75% of products from British users. 🧊
  • The FCA’s warnings, Sethi quips, are like a funeral march at a wedding-meant to protect, but killing the joy. 🎻
  • While the US embraces blockchain with open arms, the UK’s regulatory embrace feels more like a headlock, says Consensys’ Bill Hughes. 🤺

In a world where cryptocurrency dances to the rhythm of progress, the UK’s regulatory waltz feels more like a shuffle. Kraken’s Arjun Sethi, with a sigh that could rival the wind in Pasternak’s steppes, warns that the UK’s crypto rules-though well-intentioned-are stifling innovation. “It’s like trying to fly a rocket with a parachute,” he tells the Financial Times, his voice dripping with poetic exasperation. “Every click, every warning, every delay-it’s a symphony of hesitation.” 🎶

Sethi paints a picture of British crypto users trapped in a labyrinth of warnings, their access to DeFi lending and yield opportunities as distant as a star in the winter sky. “They’ve turned crypto into a cautionary tale,” he laments. “But who wants to read a book where the hero never leaves the first page?” 📖

Meanwhile, the FCA stands firm, its rules a fortress against the unknown. “We’re not killing the party,” they insist. “We’re just making sure everyone knows the punch is spiked.” 🍹 Yet, at Zebu Live, executives whisper of companies fleeing to friendlier shores, their suitcases packed with dreams of innovation.

A glimmer of hope in the regulatory fog

Not all is lost in this tale of red tape and restraint. ClearToken’s CT Settle, approved by the FCA, promises to speed up settlements, a beacon of efficiency in a sea of delays. 🌟 And the Bank of England, in a rare moment of flexibility, allows stablecoin companies to invest more in government bonds-a small step for regulation, a giant leap for crypto. 🚶♂️

BlackRock’s iShares Bitcoin ETF, launched on the London Stock Exchange, offers a regulated path to Bitcoin, a bridge between caution and ambition. “It’s like giving a poet a pen,” Jane Sloan remarks. “The words may be measured, but the story goes on.” 🖋️

As the UK navigates this delicate dance between protection and progress, one thing is clear: the future of crypto here hangs in the balance, a question mark etched in the clouds. Will Britain remain a spectator in the crypto revolution, or will it find the rhythm to join the dance? 💃🕺

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2025-11-12 11:33