Kraken`s Powell Asserts on Ignorance by US Crypto Regulators

SNEAK PAEEK:

• Regulators and lawmakers in Washington have come under fire for their incorrect views on the bitcoin business.
• Alternatives to Long’s organization will consign frauds to history.
• The majority of decision-makers today seem committed to eliminating the high-integrity innovators.

In her response to Caitlin Long’s Twitter thread, Kraken co-founder and CEO Jesse Powell largely supported her claims by stating that he can’t express how aggravating it was to have alerted regulators to significant red flags and blatantly unlawful activities only to have them disregard the issues for years.

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. “They’re offshore. It’s complicated. We’re looking at everybody.” FOR YEARS. Then to be used as their example. https://t.co/YHdNazM2UE

— Jesse Powell (@jespow) February 18, 2023

Concretely, Caitlin Long, the CEO of Custodian Bank, has criticized Washington, D.C. regulators and lawmakers for their ignorance of the cryptocurrency industry and for disobeying her warnings of significant “fraud” allegedly committed by now-bankrupt firms.

Additionally, in a post on a blog from February 17, Long criticized the government’s approach to cryptocurrency regulation, saying it failed to protect investors and turned off decent actors in the industry. Long emphasized that she has been pointing out the worst aspects of cryptocurrency while working to provide a legitimate, compliant alternative.

The alternatives will consign frauds to the scrap heap via her digital asset custody company. But, unfortunately, according to her, the majority of today’s decision-makers appear determined to put an end to the high-integrity innovators.

Long highlighted the string of unpleasant encounters her company has recently had and stated that her attempts to collaborate with government organizations were finally flung back in her face.

Moreover, she expresses views similar to those of individuals like Coinbase CEO Brian Armstrong, who has claimed on numerous occasions that the Securities and Exchange Commission (SEC) has reacted harshly to his company’s attempts to maintain a dialogue in good faith.

Long also claimed on Twitter that numerous people sought to warn Washington and assist law enforcement in stopping massive fraud before several crypto businesses collapsed in 2022, but to no effect. 

The CustodiaBank CEO claimed that she was revealing information on likely crimes committed by an unnamed cryptocurrency company to law authorities for the first time in public. Unfortunately, this information came months before the company collapsed and left its millions of users with losses.

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• Source: https://investorbites.com/krakens-powell-asserts-on-ignorance-by-us-crypto-regulators/