Feb 18, 2023
“DC Slammed for Ignoring Warnings of Crypto Fraud”
Custodia Bank CEO Caitlin Long has recently voiced her dissatisfaction with the way regulators and lawmakers in Washington, D.C. are handling the crypto sector. In a 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 good actors in the space.
“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,” Long said.
The Custodia Bank CEO went on to say that her efforts to work with government agencies were ultimately thrown back in her face, as she recounted the spate of negative run-ins her firm has had of late.
“Custodia was simultaneously attacked by the White House, the Federal Reserve Board of Governors, the Kansas City Fed and Senator Dick Durbin (who conflated our non-leveraged, 100-percent liquid and solvent bank with FTX in a Senate floor speech),” she said, adding that:
“Custodia tried to become federally regulated – the very result bipartisan policymakers claim to want. Yet Custodia has been denied and now disparaged for daring to come through the front door.”
Long believes that her warnings of major “fraud” allegedly conducted by now-bankrupted entities were ignored by the government and that this lack of action has only served to embolden the criminals in the space.
“Today’s regulators and lawmakers in Washington are no doubt embarrassed that they failed to stop the criminals of crypto. DC is demanding scalps,” Long wrote, adding that:
“Calls for a crackdown today are coming from many of the same policymakers who were charmed by the fraudsters. In a 180-degree turn, they’re now throwing the baby out with the bathwater.”
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 and stuck its millions of customers with losses. Kraken co-founder and CEO Jesse Powell responded to Long’s Twitter thread, and essentially corroborated her statements by noting that: “I can’t tell you how infuriating it is to have pointed out massive red flags and obviously illegal activity to regulators only to have them ignore the issues for years.”
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