Feb 19, 2023

DC Slammed for Ignoring Crypto Fraud Warnings

Caitlin Long, CEO of Custodia Bank, has called out lawmakers and regulators in Washington D.C. for their “misguided crackdown” on the crypto sector and for ignoring her warnings of major “fraud” allegedly conducted by now-bankrupted 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, claiming that it has failed to protect investors and alienated good actors in the space.

Long noted that with her digital asset custody firm, she has “been calling out the worst of crypto while trying to build a lawful, compliant alternative that relegates scams to the trash heap.” Unfortunately, she says, the government has been unresponsive to her efforts and has instead attacked her firm.

The Custodia Bank CEO also noted that her warnings of fraud had been ignored by regulators and lawmakers for years. She revealed 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 corroborated Long’s claims, noting that it was “infuriating” to have pointed out “massive red flags and obviously illegal activity to regulators only to have them ignore the issues for years.”

Long concluded her blog post by noting that the government’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.

The crypto sector has seen tremendous growth in recent years, and with it, a surge in demand for NFTs and other digital assets. As such, the need for effective NFT marketing and promotion has grown exponentially.

NFT marketing agencies are popping up to meet this demand, offering services such as Twitter NFT marketing, NFT promotion, and NFT marketing campaigns. These agencies are helping NFT creators and businesses to effectively reach their target audiences and maximize their sales.

At the same time, web3 agencies are emerging to provide a comprehensive suite of services to businesses in the web3 space. These agencies are helping businesses to navigate the complexities of the web3 ecosystem and to develop and implement strategies to successfully sell NFTs.

It is clear that the crypto sector is in need of effective regulation to protect investors and ensure that only good actors are able to operate in the space. However, it is also clear that regulators and lawmakers must take into account the warnings of those in the space who are actively trying to build a lawful, compliant alternative.

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.