Caitlin Long, CEO of Custodia Bank, has slammed Washington D.C. regulators and lawmakers for their “misguided crackdown” on the crypto sector and ignoring her warnings of major “fraud” allegedly perpetrated by now-bankrupt entities.
Long ripped into the government for its approach to crypto regulation, failing to protect investors, and alienating good actors in the space, in a Feb. 17 blog post titled, “Shame on Washington, DC, For Shooting A Messenger Who Warned of Crypto Debacle:
“Washington’s misguided crackdown will only push risks into the shadows, leaving regulators to play whack-a-mole as risks continue to pop up in unexpected places,” says the report.
Long emphasised that she has “been calling out the worst of crypto while trying to build a lawful, compliant alternative that relegates scams to the trash heap” with her digital asset custody firm. However, most policymakers today appear to be hell-bent on eliminating high-integrity innovators.
The CEO of Custodia Bank claimed that her efforts to collaborate with government agencies were ultimately thrown back in her face as she recounted a string of negative encounters her company has had recently.
“Custodia was simultaneously attacked by the White House, the Federal Reserve Board of Governors, the Kansas City Fed, and Senator Dick Durbin (who in a Senate floor speech conflated our non-leveraged, 100-percent liquid and solvent bank with FTX),” she said, adding:
