The CEO of Custodia Bank says at least 90% of the crypto space should disappear or be flushed out of the markets.
In a new interview, Caitlin Long says a vast majority in the crypto space needs to be purged despite her positive stance on Bitcoin (BTC), which is heading into its next halving cycle.
“That’s why I’ve defended the SEC (US Securities and Exchange Commission) on some of their criticisms of this industry. I don’t defend black and white everything this industry does. I even had a debate with a prominent person… I said, ‘Look, 90% of this industry has yet to go and he said it’s 99% and I think that’s right. I mean, whether it’s 90% or 99%, you get the point, there’s still a lot of bullshit that needs to be flushed out.
I don’t think we’re done with the leverage and I hope the leverage doesn’t come back. I’m very afraid that will happen because we don’t have these regulated exchanges and routes to make sure there’s segregation and no mixing of funds.
Amid regulatory woes in the US, Long praises Wyoming’s legal framework for crypto.
“Wyoming’s structure is really good on those topics. In fact, it actually goes beyond what is currently available in the securities market because it recognizes that crypto instruments are bearer, they are not issued by a central counterparty like the Depository Trust Company in the case of stocks and as a result because it is a bearer instrument you can use law of bail as opposed to using these mixed legal securities.
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