Feb 19, 2023

DC Slammed for Ignoring Warnings of Crypto Fraud

Caitlin Long, the CEO of Custodia Bank, is speaking up against the Washington D.C. regulators and lawmakers for their “misguided crackdown” on the crypto sector. She has accused them of ignoring her warnings of major “fraud” allegedly conducted 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, claiming that their “misguided crackdown” will only push risks into the shadows and leave regulators playing a game of “whack-a-mole”.

Long’s digital asset custody firm has been trying to create a lawful, compliant alternative that would push scams to the side and protect investors. However, she claims that the government has been attacking her firm and denying its efforts to become federally regulated.

The CEO also took to Twitter to reveal that she had “handed over evidence to law enforcement of probable crimes” committed by an unnamed crypto firm months before it imploded and left its customers with losses. Kraken co-founder and CEO Jesse Powell corroborated her statements, noting that it’s “infuriating” to have pointed out red flags and illegal activity to regulators only to have them ignore it.

The crypto sector has been growing steadily over the past few years, with more and more people becoming interested in the web3 space. This has led to an increase in the use of Non-Fungible Tokens (NFTs) for promotion and marketing purposes.

As a result, more and more companies are looking to invest in NFT marketing and promotion, as well as hiring NFT marketing agencies to help them sell NFTs on Twitter.

Despite the current regulatory climate, Long believes that the crypto sector has the potential to become a major force in the global economy. She is urging the government to work with the high-integrity innovators in the space and create a regulatory framework that will protect investors and promote innovation.

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