Feb 19, 2023

DC Slammed for Ignoring Crypto Fraud Warnings

Caitlin Long, the CEO of Custodia Bank, has strongly criticized Washington D.C. regulators and lawmakers for their lack of action on the crypto sector, and for not heeding her warnings of potential fraud perpetrated by now-bankrupted entities.

In a blog post titled Shame On Washington, DC For Shooting A Messenger Who Warned of Crypto Debacle, Long expressed her frustration with the government’s approach to crypto regulation, and their failure to protect investors.

“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,” she said.

Long also revealed that her efforts to become federally regulated were denied, and that her firm has been “attacked” by the White House, the Federal Reserve Board of Governors, the Kansas City Fed and Senator Dick Durbin.

The sentiments echoed those of Coinbase CEO Brian Armstrong, who has also criticized the lack of regulatory clarity in the U.S. and the SEC’s “regulation by enforcement” approach.

Long went on to suggest that she and many others had tried to warn Washington and “help law enforcement stop” major fraud before it happened, but their warnings were ignored.

“Today’s regulators and lawmakers in Washington are no doubt embarrassed that they failed to stop the criminals of crypto. DC is demanding scalps,” she wrote in the blog post.

Kraken co-founder and CEO Jesse Powell responded to Long’s Twitter thread and confirmed her statements, noting that it is “infuriating” to see obvious illegal activity ignored by regulators for years.

The Custodia Bank CEO has been a vocal advocate of the crypto space and a proponent of NFT marketing and promotion. She believes that the industry should be regulated, but that good actors should not be alienated.

In order to protect investors and promote innovation, Long has been advocating for the use of compliant digital asset custody services, and has been working with web3 agencies to create a lawful, compliant alternative to scams.

Long’s firm also offers NFT marketing and promotion services, as well as a Twitter NFT marketing agency and web3 agency. The firm is dedicated to helping its clients sell their NFTs in a compliant manner.

Custodia Bank is a leader in the crypto space, and Long is a prominent figure in the industry. Her firm’s mission is to promote the responsible use of crypto and to protect investors from fraud.

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