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You are here: Home / Archives for Caitlin Long

Caitlin Long

Cryptocurrency Debacle Predictor Slammed By Washington DC

February 19, 2023 by Aishwarya shashikumar

Caitlin Long, the CEO of Custodia Bank, has criticized lawmakers and regulators in Washington D.C. for their “misguided assault” on the cryptocurrency industry and for dismissing her warnings of significant “fraud” that was allegedly committed by now-bankrupt firms.

Shame On Washington, DC For Killing A Messenger Who Warned of Crypto Debacle is the subject of a Feb. 17 blog post by Long, who slammed the government for its approach to cryptocurrency regulation, which failed to safeguard investors and alienated good actors in the space. She said,

“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 emphasized that she has “been calling out the worst of cryptocurrency while striving to develop a legitimate, compliant alternative that relegates frauds to the trash heap” via her digital asset custody company. But, the majority of today’s legislators appear determined to put an end to the high-integrity innovators.”

The CEO of Custodia Bank recalled the string of unpleasant encounters her company has recently encountered and stated that her attempts to cooperate with government organizations were ultimately flung back in her face.

She claimed that the White House, the Federal Reserve Board of Governors, the Kansas City Fed, and Senator Dick Durbin all launched simultaneous attacks against Custodia (who conflated the non-leveraged, 100-percent liquid and solvent bank with FTX in a Senate floor speech).

She added,

“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.”

She expresses views that are similar to those of individuals like Coinbase CEO Brian Armstrong, who has asserted on numerous occasions that organizations like the Securities and Exchange Commission (SEC) have responded coldly to his company’s attempts to maintain a dialogue in good faith.

Following the SEC’s decision to shut down Kraken’s staking services on February 9, Armstrong also questioned the lack of regulatory clarity in the U.S. and what appears to be a “regulation by enforcement” strategy.

Long wrote in her blog post that lawmakers and regulators in Washington today are probably ashamed of themselves for not putting an end to the cryptocurrency crooks and that Washington is calling for heads to roll. She further stated,

“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.”

Unheeded Cryptocurrency Warnings

Long also claimed on Twitter that numerous people sought to warn Washington and “assist law enforcement stop” significant fraud before the collapse of several crypto corporations in 2022, but to no effect.

Long revealed in public for the first time that “months before the company crashed and left its millions of clients with losses,” she gave evidence of likely crimes perpetrated by an unnamed cryptocurrency firm to law authorities.

1/ IT'S TIME FOR ME TO REVEAL A FEW THINGS. I've just published a post "Shame On Washington, DC For Shooting A Messenger Who Warned Of #Crypto Debacle." Link to post is here:https://t.co/yTWWrEk3Os pic.twitter.com/rbo21DzOv3

— Caitlin Long 🔑⚡️🟠 (@CaitlinLong_) February 17, 2023

Jesse Powell, co-founder and CEO of Kraken, commented on Long’s Twitter thread and supported her claims by pointing out,

“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.”

Filed Under: News, Crypto Scam, World Tagged With: Caitlin Long, crypto scams, Cryptocurrency, washington DC

Full Fledged Cryptocurrency Bank in Works as Caitlyn Long Emphasizes Digital Asset Importance

February 26, 2020 by Ketaki Dixit

As time progressed, more and more people entered the cryptocurrency industry, with institutions becoming the main target for digital asset companies. The influence of mainstream players has also brought the industry to the fore.

According to new reports, Caitlin Long who shot to fame for drafting Wyoming’s blockchain legislation has decided to launch the US’ own bank for digital assets. 

Long has begun to prepare to apply for the Special Purpose Depository Institution [ SDPI ] with Wyoming’s banking division. The digital asset bank, titled Avanti, will aim to provide regulated services for virtual assets in the state. Avanti will collaborate with Adam Back’s Blockstream to provide digital asset services to its users.

According to Long:

“I’ve founded Avanti with key support from top people in crypto and important innovators from traditional finance. Seed funding round recently closed. Avanti will serve institutional customers that need services around Bitcoin and cryptoassets. Thanks to the wise Wyoming legislature and Governor Gordon, Wyoming paved the way for such banks to exist via its special-purpose depository institution (SPDI) law.”

Avanti is expected to be launched sometime in 2021 with plans to improve the ecosystem already in operation. The cryptocurrency bank has already raised one million in seed funding with more prospective investors in waiting. Long claimed that the burgeoning cryptocurrency industry was too hard to ignore and it was high time that people tap into it.

Long believed that the United States banks and trust companies just did not have the resources to navigate the fintech world. She claimed that Avanti will enable the US to compete with other crypto-interested countries such as China and Japan. The Wyoming SPDI on their part has placed stringent requirements for the bank to pass before it can come to fruition.

The association with Blockstream will allow multiple features to be integrated into Avanti. These features include multisig signing-as-a service and upcoming native Blockstream features. Avanti’s policies list that it wants to be fundamentally different from mainstream banks by providing cutting edge technology to its account holders.

Proponents of the field have begun studying what Avanti can offer to the cryptocurrency populous on launch. The partnership with Blockstream will enable Avanti to build adjacent APIs and conventional banking APIs. Adam Back, the CEO of Blockstream also announced that they will push everything to make Avanti a one-stop-shop for cryptocurrency custody.

 

Filed Under: Industry, News Tagged With: Avanti, Blockstream, Caitlin Long, Crypto, Cryptocurrency Bank, cryptocurrency industry, US

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