Regulators Ignore Red Flags in the Crypto Sector: Jesse Powell
Kraken co-founder and CEO Jesse Powell responded to Caitlin Long’s Twitter thread 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.
Additionally, Powell largely supported Caitlin Long’s claims. He said that he can’t express how aggravating it was to have alerted regulators to significant red flags and blatantly unlawful activities
Caitlin Long’s fight against fraud
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.
By utilizing her digital asset custody organization, the alternatives will relegate fraudulent activities to the garbage heap. Yet, she believes that the majority of the decision-makers in today’s society are, unfortunately, intent on putting a stop to the innovators who uphold high standards of ethics.
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.
In addition, she expresses views comparable to those of individuals such as Coinbase CEO Brian Armstrong, who has asserted on numerous occasions that the Securities and Exchange Commission (SEC) has reacted harshly to his company’s efforts to keep a dialogue going in good faith. She also expresses views comparable to those of individuals such as Coinbase CEO Brian Armstrong.
Crypto Firms Fall Due to Fraud
Long also claimed on Twitter that numerous people tried to warn Washington and assist law enforcement in stopping massive fraud before several crypto businesses collapsed in 2022, but their efforts were fruitless. Long’s claim was made in reference to a series of crypto businesses that failed that year.
Long asserted that she was doing something unprecedented in the public eye by providing law enforcement with information on possible illegal activities carried out by an unknown crypto company. This information emerged in the months leading up to the company’s demise, which resulted in financial hardship for its millions of customers.
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