Custodia Bank CEO Slams On Crypto Sector, “Misguided Crackdown”

Caitlin Long, CEO of Custodia Bank, criticized regulators and lawmakers in Washington, D.C., in a scathing blog post. Titled “Shame on Washington, DC for Shooting a Messenger Who Warned of Crypto Debacle,” Long accused the government of ignoring her fraud warnings about now-bankrupted entities.

Long, a vocal critic of bad actors in the crypto space strives to create a lawful alternative that sidelines scams. Despite her attempts to collaborate with government agencies, her firm, the Federal Reserve Board of Governors, the Kansas City Fed, and Senator Dick Durbin have been attacked by the White House.

Additionally, the Custodia Bank CEO is not alone in criticizing the government’s approach to crypto regulation. Coinbase CEO Brian Armstrong has also suggested that agencies like the Securities and Exchange Commission (SEC) have reacted poorly to his firm’s attempts to maintain a dialogue in good faith.

Long claims that Washington’s misguided crackdown on the sector fails to safeguard investors and isolates good actors. She asserts this stance in her arguments. She claims that most policymakers seem intent on killing high-integrity innovators instead of targeting the real criminals of crypto.

Evidence of Probable Crypto Crimes to Law Enforcement

In her blog post, Long disclosed providing evidence of probable crimes committed by an unnamed crypto firm before its implosion. Despite Long and others’ efforts to warn Washington and aid law enforcement, their attempts to curb crypto fraud were futile. She suggested this in her post.

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Long’s criticisms of Washington’s approach to crypto regulation reflect growing frustration in the industry. There is a belief that regulators are stifling innovation and failing to address the sector’s real issues with a heavy-handed approach. Many people share this opinion.

As the crypto industry evolves, it’s uncertain whether policymakers will adopt a more nuanced approach to regulation. There’s a fear they may continue to alienate good actors in space.

This article conveys general information and the opinions expressed should not be considered personal advice for any individual or specific security or investment product.

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