Feb 18, 2023

DC Slammed for Ignoring Crypto Fraud Warnings

Caitlin Long, the CEO of Custodia Bank, has expressed her outrage at the Washington D.C. authorities for their “misguided crackdown” on the crypto sector and their refusal to heed her warnings of potential “fraud” by now-bankrupted entities.

In a blog post titled Shame On Washington, DC For Shooting A Messenger Who Warned of Crypto Debacle, Long accused the government of failing to protect investors and of alienating good actors in the space. She argued that the “misguided crackdown” would only push risks into the shadows, leaving regulators “playing whack-a-mole” as the risks continuously pop up in unexpected places.

Long also revealed that her firm, Custodia Bank, had been attacked by the White House, the Federal Reserve Board of Governors, the Kansas City Fed and Senator Dick Durbin, and had been denied the opportunity to become federally regulated.

Coinbase CEO Brian Armstrong has also criticized the lack of regulatory clarity in the U.S. and what appears to be a “regulation by enforcement” approach.

Long further 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 and stuck its millions of customers with losses. Kraken co-founder and CEO Jesse Powell corroborated Long’s statements, saying that it was “infuriating” to have pointed out “massive red flags” to regulators only to have them ignored.

The Custodia Bank CEO has been trying to build a lawful and compliant alternative to crypto scams, and has been advocating for the use of NFTs as a form of promotion and marketing. Her firm has been offering a range of services, including NFT marketing and promotion, Twitter NFT marketing, and NFT marketing agency services.

Custodia Bank has also been helping clients to sell NFTs and has become a leading web3 agency. The firm has been working with a range of partners to develop innovative solutions for the crypto space and has become a trusted source for those looking to invest in digital assets.

Although the regulatory landscape in the U.S. remains unclear, Long is hopeful that the authorities will eventually recognize the potential of the crypto sector and the importance of protecting investors from scams and fraud.

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