Shame on Washington and the Captured Agencies

Custodia Bank CEO slams Washington’s ‘misguided crackdown’ on crypto

Caitlin Long revealed that she had warned government agencies of major “fraud” in the crypto space months before several firms went bankrupt.

Somewhat backs my view that many of these crypto-scams are being allowed to take place, just to scare the average punter from the whole scene - some are even constructed to be scams, such as FTX.

Shame On Washington, DC For Shooting A Messenger Who Warned of Crypto Debacle

During the 1930s, the nascent mutual fund industry was rife with leverage, opacity and fraud, and found itself in the government’s crosshairs. Among those seeking a reactionary crackdown was President Franklin D. Roosevelt – one of many in Washington, DC at the time who struggled to separate the model’s potential for unlocking innovation from the grifters exploiting it in its infancy.

Well done, Long, for the research. So many of the issues around cryptos are not new; they have happened before as finance became more complex and flexible.

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.

Thing is, I also suspect the captured, and hence corrupt, agencies truly, deeply and unapologetically don't care about pioneers - they want to steal everything at firesale prices, then rebuild in their rapacious image.