Feb 19, 2023
DC Slammed for Ignoring Crypto Fraud Warnings
The CEO of Custodia Bank, Caitlin Long, has recently expressed her disapproval of the current approach to crypto regulation taken by Washington D.C. regulators and lawmakers. In a blog post titled ‘Shame On Washington, DC For Shooting A Messenger Who Warned Of Crypto Debacle’, Long slammed the government for not protecting 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.
Long has been working to create a lawful, compliant alternative to scams in the crypto sector, but has faced numerous obstacles. Custodia has been attacked by the White House, the Federal Reserve Board of Governors, the Kansas City Fed and Senator Dick Durbin, and has been denied and disparaged for trying to become federally regulated.
Long’s sentiments are echoed by Coinbase CEO Brian Armstrong, who has expressed his frustration with the lack of regulatory clarity and what appears to be a “regulation by enforcement” approach in the U.S.
Kraken co-founder and CEO Jesse Powell also corroborated Long’s statements, noting that it is “infuriating” to point out red flags and illegal activity to regulators only to have them ignore the issues for years.
Long also revealed that she had “handed over evidence to law enforcement of probable crimes” committed by an unnamed crypto firm months before that company imploded and left its customers with losses.
The Custodia Bank CEO is now calling for a shift in the way Washington D.C. approaches the crypto sector, with a focus on encouraging innovation and protecting investors.
“We need a new approach that encourages innovation and protects investors,” she said. “It’s time for Washington to embrace the crypto sector and the opportunities it offers, and to work with the good actors in the space to create an environment in which investors can feel safe.”
Long also urged crypto firms to focus on compliance, and to work with regulators to ensure that the industry is properly regulated.
“It’s important for crypto companies to focus on compliance and to work with regulators to ensure that the industry is properly regulated. We need to create an environment in which investors can trust the crypto sector and feel safe investing in it,” she said.
Long also suggested that companies should look into NFT promotion and NFT marketing to increase the visibility of their products. NFTs have become increasingly popular in the web3 space, and companies should consider investing in NFT marketing agencies or Twitter NFT marketing to reach a wider audience.
Finally, Long emphasized the importance of selling NFTs in a responsible manner to ensure that investors are protected and that the industry remains compliant.
“It’s essential that we all work together to ensure that NFTs are sold in a responsible manner and that investors are protected,” she said. “We need to create an environment in which investors can trust the crypto sector and feel safe investing in it.”
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