Feb 19, 2023
“DC Slammed for Ignoring Crypto Fraud Warnings”
The Custodia Bank CEO, Caitlin Long, has expressed her frustration with the current regulatory environment surrounding the crypto sector. In a blog post titled, Shame On Washington, DC For Shooting A Messenger Who Warned of Crypto Debacle, Long made it clear that she has been trying to build a lawful, compliant alternative to scams in the space, but has been met with resistance from government agencies.
Long claims that she has been trying to work with government agencies, but her efforts have been thrown back in her face. She has been attacked by the White House, the Federal Reserve Board of Governors, the Kansas City Fed and Senator Dick Durbin, who conflated Custodia Bank with FTX in a Senate floor speech. Despite her attempts to become federally regulated, she has been denied and disparaged for daring to come through the front door.
Long also revealed on Twitter that she had handed over evidence to law enforcement of probable crimes committed by an unnamed crypto firm months before that company imploded, leaving customers with losses. Her claims were corroborated by Kraken co-founder and CEO Jesse Powell, who said it was infuriating to have pointed out red flags and illegal activity to regulators, only to have them ignore the issues for years.
The Custodia Bank CEO believes that Washington’s approach to crypto regulation 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 that calls for a crackdown today are coming from many of the same policymakers who were charmed by the fraudsters.
With the growing popularity of Non-Fungible Tokens (NFTs), there has been an increased need for crypto and NFT marketing. Long believes that there is a need for a web3 agency that specializes in NFT promotion and marketing. She believes that such an agency could help to promote NFTs and other crypto assets on social media platforms such as Twitter, and help to ensure that investors are protected from fraud.
Long believes that with the right guidance and support, the crypto sector can become a safe and reliable investment space. She hopes that with the help of a web3 agency, the industry can become more transparent and regulated, and that investors can be better protected from fraud.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.