March 22, 2023

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Caitlin Long, the chief executive officer at Custodia Bank, has condemned the Washington D.C.-based policymakers and the regulatory agencies for their misguided clampdown on the crypto industry. She also criticized them for neglecting her cautions of huge fraud supposedly organized by the platforms that have now become bankrupt.

Custodia Bank’s Caitlin Long Criticizes US Regulators’ Clampdown on the Crypto Space

The CEO also voiced against the ineffective endeavors taken by the authorities in protecting the investors as well as isolating the good people operating in the market. She said that the nonsensical crypto crackdown by the Washington-based authorities would likely do nothing advantageous.

In her post, she emphasized that her Custodia Bank (a platform for the custody of digital assets) has been making great efforts to point toward the worst in the crypto space. As per her, the platform attempted to turn into a federally regulatory entity.

Along with this, the entity additionally endeavored to establish a compliant as well as a lawful substitute for decreasing the extent of scams in this world.

Nonetheless, it witnessed a denial and was ridiculed for its strategy to seek regulatory approval. Long reiterated the sentiments expressed by well-known figures like Brian Armstrong (the CEO of the top crypto exchange Coinbase).

The Coinbase CEO has frequently suggested that the US SEC, as well as other such regulators, have bitterly reacted to the endeavors made by his entity to sustain discussions.

Long asserted that the majority of the lawmakers appear to eliminate those who intend to bring innovation. She claimed to have delivered proof to law enforcement regarding the potential crimes committed by the prominent players in the space.

In addition to this, the CEO claimed that Senator Dick Durbin, the Kansas City, the Federal Reserve Board of Governors, White House attacked her firm Custodia.

A few days ago, Armstrong condemned the deficiency of adequate regulatory transparency in the United States. As per the executive, the approach taken by the US securities regulator appears to be more inclined toward enforcement, as indicated by the imposed closure of the staking services of Kraken on the 9th of February.

In the words of Long, the regulatory bodies are presently embarrassed about their failure to prevent the crypto criminals from their malicious purposes. She asserted that the ill-advised crackdown on the crypto entities by the Washington-based regulators would just divert attention from the risks posed to the crypto sector.

The CEO Says Regulators Ignored the Information Provided by Her before Many Big Crypto Collapses

In 2022, she warned through Twitter about the potential collapse of the famous players in the crypto sector. Nevertheless, the respective cautions did not witness any fruitful actions taken in this respect, according to her.

Twitter thread of Long witnessed several replies, including Jesse Powell’s (the CEO and co-founder of the prominent crypto exchange Kraken).

He confirmed the statements made by the Custodia Bank CEO. The executive moved on to note his opinion on the response given to the efforts made by Long and her entity to point out several illegitimate operations.

He added that it is much infuriating to see that you offer such important information regarding obviously illegitimate operations, but regulators just neglect such problems for years.

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