The US government has done “nothing” to solve the problems of debanking cryptography since US President Donald Trump returned to the White House, the CEO of Custodia Bank Caitlin Long.
Speaking on stage in Ethdenver on February 28, Long said that if “perception is that there has been relaxation, none of the federal banking agencies has really canceled any of the anti-Crypto directives”.
“It is always alleged dangerous and not solid for a bank to reach a digital asset even by rising minimis,” said a long time, arguing that “nothing” had changed.
“It will change, without a doubt, but Trump did not offer [anything] Again.”
Caitlin Long Speaking in Ethdenver in Denver, Colorado on February 28. Source: Ethdenver
The CEO of the Cryptian-friendly user-friendly bank said that the White House was to appoint a new president to direct the Federal Deposit Insurance Corporation, which, according to Long, has largely opposed evolution with a technological change during the best part of 15 years under the leaders of Martin Gruenberg.
“This is why the banking system is so behind this country, because in the past 15 years, we have had someone who is not interested in any change.”
Gruenberg, who was replaced by the acting president, Travis Hill, on January 20, had been accused of being one of the key orchestrators of “Operation ChokePoint 2.0” – an alleged federal effort to unlock cryptographic companies.
Long has recognized that the Securities and Exchange Commission carried out a “180 massifs” on its cryptographic policy – and awaits a similar change in banking regulations.
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One day after the inauguration of American president Donald Trump on January 20, the SEC created a cryptographic working group led by the SEC Commissioner, Hester Peirce, to support this new approach.
The SEC has notably canceled a controversial rule, the accounting staff Bulletin 121, which asked the financial companies holding the crypto to record them as liabilities on their balance sheets.
Long also hopes that the United States soon adopts the long -awaited stablecoin legislation, but want to see stronger consumer protections implemented – in particular, by ensuring that banks retain species.
“The average bank in the United States currently has 8 cents in cash against each $ 1 of demand deposits … which is fundamentally unstable and fundamentally sensitive to a banking.”
“And in the cryptography industry, I think we have learned that this business model does not work,” said the collapse of Silvergate Bank.
To adequately protect consumers, stablecoin issuers must be forced to hold money to support the responsibility of Stablecoin, said Long.
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