Custodia CEO Says 90% of Crypto Industry Needs To Be ‘Flushed Out’ Amid Lack of Regulatory Pathways

The CEO of Custodia Bank says that at least 90% of the crypto space needs to go away or be flushed out of the markets.

In a new interview, Caitlin Long, says that a large majority in the crypto space needs to be purged despite her positive stance on Bitcoin (BTC), which is heading into its next halvening cycle.

Buy physical gold and silver online

“That’s why I’ve defended the SEC (U.S. Securities and Exchange Commission) on a number of their critiques of this industry. I am not black and white defending everything that this industry does. In fact, I had a debate with a prominent person… I said, ‘Look, 90% of this industry still needs to go away and he said it’s 99% and I think that’s right. I mean whether it’s 90% or 99%, you see the point, there’s still a bunch of crap that needs to be flushed out.

I don’t think we’re done with the leverage flush and I hope that the leverage buildup doesn’t come back. I very much fear that it will because we don’t have these regulated exchanges and pathways to ensure that there’s a separation and not a co-mingling of funds.”

Amid regulatory issues in the US, Long commends Wyoming’s legal framework on crypto.

“The Wyoming structure is really good on those topics. In fact, it actually goes further than what’s available in the securities market right now because it recognizes that crypto are bearer instruments, they’re not issued by some central counterparty like the Depository Trust Company in the case of stocks and as a result, because it’s a bearer instrument, you can use the law of bailment as opposed to using these commingling law securities uses.”

I

Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines


 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

The post Custodia CEO Says 90% of Crypto Industry Needs To Be ‘Flushed Out’ Amid Lack of Regulatory Pathways appeared first on The Daily Hodl.

About the author

Why invest in physical gold and silver?
文 » A