Feb 19, 2023
Custodia Bank CEO Slams DC for Ignoring Crypto Fraud Warnings
Caitlin Long, the CEO of Custodia Bank, has expressed her outrage at the lack of action taken by regulators and lawmakers in Washington D.C. in response to her warnings about alleged fraud conducted by now-bankrupted entities in the crypto sector.
In a Feb. 17 blog post titled Shame On Washington, DC For Shooting A Messenger Who Warned of Crypto Debacle, Long accused the government of taking a misguided approach to crypto regulation and of failing to protect investors. She argued that this would only push risks into the shadows, leaving regulators to play a game of whack-a-mole as risks continually popped up in unexpected places.
Long stated that with her digital asset custody firm, she has been trying to create a lawful, compliant alternative to scams, but that most policymakers seem intent on killing the high-integrity innovators. She went on to describe the negative run-ins her firm has had with the White House, the Federal Reserve Board of Governors, the Kansas City Fed, and Senator Dick Durbin. Custodia has been denied the chance to become federally regulated, despite trying to come through the front door.
The Custodia Bank CEO also revealed on Twitter that she had “handed over evidence to law enforcement of probable crimes” committed by an unnamed crypto firm months before it imploded and left its customers with losses. Jesse Powell, the co-founder and CEO of Kraken, corroborated her statements, noting that it was infuriating to point out red flags and illegal activity to regulators only to have them ignore the issues for years.
The lack of regulatory clarity in the U.S. has been a major issue in the crypto space, with many firms struggling to comply with the rules and regulations. As a result, there is an increasing demand for NFT marketing agencies and web3 agencies to help companies promote their projects and sell their NFTs.
NFT marketing is a growing field that provides a range of services, from creating engaging campaigns to promoting projects on Twitter. It can also help companies to build brand awareness and reach new audiences. Web3 agencies are also becoming increasingly popular, offering services such as blockchain development and smart contract audit.
As the crypto sector continues to evolve, it is essential that regulators and lawmakers take a more proactive approach to protecting investors and promoting innovation. Otherwise, the industry will remain in a state of limbo, with good actors unable to thrive and bad actors able to take advantage of the lack of clarity.
Disclaimer: All investment or financial opinions expressed by MoonLanding Media are not recommendations and are intended for entertainment purposes only. Do your own research prior to making any kind of investment. This article has been generated based on trending topics, has not been fact checked and may contain incorrect information. Please verify all information before relying on it.
