Feb 18, 2023
CEO Slams Washington for Ignoring Warnings of Crypto Fraud
Custodia Bank CEO Caitlin Long has expressed her outrage at Washington D.C. regulators and lawmakers for their “misguided crackdown” on the crypto sector and for ignoring her warnings of major “fraud” allegedly conducted by now-bankrupt entities.
In a Feb. 17 blog post titled “Shame On Washington, DC For Shooting A Messenger Who Warned of Crypto Debacle,” Long criticized the government for its approach to crypto regulation, failing to protect investors and alienating good actors in the space.
“Washington’s misguided crackdown will only push risks into the shadows, leaving regulators to play whack-a-mole as the risks continuously pop up in unexpected places,” Long said in her post.
She also revealed that her digital asset custody firm, Custodia Bank, has been “attacked by the White House, the Federal Reserve Board of Governors, the Kansas City Fed and Senator Dick Durbin” for its efforts to become federally regulated.
“Custodia tried to become federally regulated – the very result bipartisan policymakers claim to want. Yet Custodia has been denied and now disparaged for daring to come through the front door,” she added.
Long’s sentiments echo that of figures such as Coinbase CEO Brian Armstrong, who has suggested on multiple occasions that the agencies such as the Securities and Exchange Commission (SEC) have reacted frostily to his firm’s efforts to maintain a dialogue in good faith.
In addition, Long also alleged that she had “handed over evidence to law enforcement of probable crimes” committed by an unnamed crypto firm months before it imploded and stuck its millions of customers with losses.
Kraken co-founder and CEO Jesse Powell responded to this statement, noting that he had “pointed out massive red flags and obviously illegal activity to regulators only to have them ignore the issues for years.”
The Custodia Bank CEO concluded her blog post by stating that “calls for a crackdown today are coming from many of the same policymakers who were charmed by the fraudsters. In a 180-degree turn, they’re now throwing the baby out with the bathwater.”
Long’s comments come at a time when the crypto sector is increasingly under the spotlight, and when NFTs are becoming more popular than ever. As a result, companies are turning to NFT marketing agencies and web3 agencies to help them promote and sell their NFTs on Twitter and other social media platforms.
The NFT marketing industry is growing rapidly, with agencies offering services such as Twitter NFT marketing, NFT promotion, and NFT advertising. With the right NFT marketing agency, companies can reach a wider audience, increase sales, and boost their visibility in the digital asset space.
However, as the crypto sector continues to expand, it’s essential that regulators and lawmakers in Washington D.C. take the necessary steps to protect investors and ensure that the industry remains compliant with the law.
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