Feb 19, 2023

Washington Slammed for Ignoring Crypto Fraud Warnings

Custodia Bank CEO Caitlin Long has recently taken aim at Washington D.C. regulators and lawmakers in a scathing blog post, accusing them of ignoring her warnings of major fraud and launching a “misguided crackdown” on the crypto sector.

In the post, titled Shame On Washington, DC For Shooting A Messenger Who Warned of Crypto Debacle, Long argued that the government’s current stance on crypto regulation will only serve to push risks into the shadows, leaving regulators to play a losing game of whack-a-mole.

The Custodia Bank CEO revealed that her digital asset custody firm had been attacked by the White House, the Federal Reserve Board of Governors, the Kansas City Fed and Senator Dick Durbin, despite their efforts to become federally regulated.

Long’s sentiments were echoed by figures such as Coinbase CEO Brian Armstrong, who has suggested on multiple occasions that agencies like the Securities and Exchange Commission (SEC) have reacted frostily to his firm’s efforts to maintain a dialogue in good faith.

The Custodia Bank CEO also revealed that she had attempted to provide evidence of probable crimes to law enforcement months before the unnamed crypto firm imploded and left its customers with losses.

Kraken co-founder and CEO Jesse Powell confirmed Long’s statements, noting that 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 concluded her blog post by noting that calls for a crackdown are coming from the same policymakers who were once charmed by the fraudsters.

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