Custodia bank CEO has called out regulators in Washington, D.C, over their crackdown on the crypto industry. According to Caitlin Long, the agencies refused to heed to her when she warned them about ills in the sector. The Custodia bank CEO mentioned that the results of the activities being carried out are now glaring.
Long said the regulators refused to heed her warnings
In a blog published on the website of the CEO, she came for the regulators in the state. She stated that they decided to shoot the messenger instead of listening to what she had to say about the crimes. She also blamed the regulators for the ills that have been occurring across the sector, causing traders alike to lose a major part of their funds to these companies.
The Custodia bank CEO said that the agencies would successfully eliminate the need to consider risks in the crypto sector as they have resorted to going after these firms as the risks continue to show up in places they do not expect. Long mentioned that while she has been advocating for regulating the companies in the sector through her firm, she has been focused on building up a regulatory-compliant and investor-friendly firm over the last few years.
The Custodia bank CEO wants regulatory clarity
The Custodia bank CEO lamented that despite her move to create this enabling environment for legal activities, the regulator had not done anything to help firms like hers. She also mentioned that the regulators had targeted her company despite calls to help the regulators create a user-friendly environment. She noted that about three entities came for her company simultaneously, stating different reasons at the time. Long mentioned that despite her efforts to make sure the company has a federal license, there has yet to be a success due to the way the regulators have frustrated her efforts.
Caitlin Long’s complaints are coming off the back of several other objections raised by CEOs of crypto exchanges over the last few years. An interesting one is that of Brian Armstrong, who mentioned that these agencies have refused dialogue despite trying to deal with them in good faith. At the beginning of February, the CEO said that regulators were no longer trying to enforce regulations from the start as they have resorted to regulating things after the crime has been committed. Caitlin Long mentioned that before firms began to carry out fraud, she had warned regulators to act, with the calls falling on deaf ears.
