Feb 18, 2023
Custodia Bank CEO Slams Washington for “Misguided” Crypto Crackdown
The CEO of Custodia Bank, Caitlin Long, has taken aim at Washington regulators and lawmakers for their lack of action 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 criticized the government for their approach to crypto regulation, claiming that their “misguided crackdown” will only push risks into the shadows and leave regulators to play whack-a-mole.
Long’s digital asset custody firm has been calling out the worst of crypto while trying to build a lawful, compliant alternative that relegates scams to the trash heap, yet she has been met with resistance. Custodia has been attacked by the White House, the Federal Reserve Board of Governors, the Kansas City Fed, and Senator Dick Durbin. Despite trying to become federally regulated, Custodia has been denied and now disparaged for daring to come through the front door.
The Custodia Bank CEO also claimed that she had warned of major “fraud” allegedly conducted by now-bankrupted entities and had handed over evidence to law enforcement months before the company imploded and stuck its customers with losses. She was joined in her sentiments by 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.
The US crypto sector is in desperate need of clarity, and the lack of regulatory clarity has been highlighted by the SEC’s move to shut down Kraken’s staking services on Feb. 9. Long believes that calls for a crackdown today are coming from many of the same policymakers who were charmed by the fraudsters, and in a 180-degree turn, they’re now throwing the baby out with the bathwater.
As the NFT space continues to grow, the need for clear and effective regulation is becoming increasingly apparent. NFTs are a digital asset class with a huge potential for marketing, promotion and sales, and many companies are now turning to NFT marketing agencies to help them navigate the complex web3 space. NFT marketing is a specialized field, and companies should look for NFT marketing agencies with experience in the web3 space.
The potential for NFTs to revolutionize marketing, promotion and sales is immense, and companies should take advantage of the opportunity to use NFTs to reach new audiences and increase engagement. Companies looking to sell NFTs should also ensure that they are compliant with all applicable laws and regulations, and seek advice from a web3 agency or lawyer to help them navigate the complex legal landscape.
It is clear that the US crypto sector needs more clarity and better regulation to protect investors and encourage innovation. Companies should be encouraged to work with regulators to ensure that the industry is safe and compliant, and that good actors are not penalized for their efforts. As the sector continues to grow, it is essential that lawmakers and regulators work together to ensure that the industry is safe and secure for all.
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.
