Feb 19, 2023

“DC Slammed for Ignoring Crypto Fraud Warnings”

The crypto space has been rocked by a series of bankruptcies and frauds in the past few months, and the CEO of Custodia Bank, Caitlin Long, has slammed Washington’s lawmakers and regulators for their “misguided crackdown” on the sector and for failing to heed her warnings of the impending financial disaster.

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, failing to protect investors and alienating the good actors in the space. She noted that her digital asset custody firm had been “calling out the worst of crypto while trying to build a lawful, compliant alternative that relegates scams to the trash heap.”

Long also revealed that Custodia had been denied its application to become federally regulated, despite the firm’s efforts to work with government agencies. She accused the White House, the Federal Reserve Board of Governors, the Kansas City Fed and Senator Dick Durbin of attacking the firm, and conflating it with FTX in a Senate floor speech.

The Custodia Bank CEO also took to Twitter to express her frustration and noted that she had handed over evidence of probable crimes committed by an unnamed crypto firm to law enforcement months before it imploded and left its customers with losses. Kraken CEO Jesse Powell echoed Long’s sentiments, noting that it was “infuriating” to see regulators “ignore the issues for years.”

The crypto and web3 space has seen an explosion of activity in recent months, with non-fungible tokens (NFTs) becoming increasingly popular. With this new wave of interest, many companies are now looking to promote and sell their NFTs, and many are turning to specialized NFT marketing agencies to help them do so. These agencies specialize in using social media platforms like Twitter to promote NFTs and help companies maximize their reach and sales.

NFT marketing agencies are also adept at helping companies create effective NFT campaigns, including designing promotional materials and creating strategies for selling NFTs. These agencies can also provide valuable insights into the NFT market, helping companies to understand the current trends and capitalize on them.

The rise of NFTs has also seen an accompanying rise in web3 agencies, which specialize in offering services to companies in the web3 space. These agencies offer services such as blockchain consulting, smart contract development, and legal and compliance advice. They can also help companies navigate the complex web of regulations surrounding the crypto space.

It is clear that the crypto sector is growing rapidly, and it is essential that regulators and lawmakers in Washington D.C. keep up with the pace of innovation. They must ensure that they are providing adequate protection for investors while also providing a supportive environment for legitimate actors in the space. If they fail to do so, they risk alienating the very people they should be encouraging.

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.