Speaking on CNBC, Custodia Bank CEO Caitlin Long spoke about Bitcoin and its benefits. Long stated that bitcoin is a store of value. She also stressed that it is also an alternative to other asset classes.
Long also stressed on going back to the ethos that Satoshi Nakamoto designed for the industry — which is leverage-less transactions. The financial leader stated that Custodia bank was built with the same purpose.
Long also stated that she is all for regulations in the crypto industry that will help to prevent fraud and protect the market from leverage players. She explained that these leverage players were destroying the industry. Furthermore, the CEO stated that the regulators, including the SEC, are slow-walking the non-leverage players.
Additionally, Long stated that the inaction from regulators caused many severe problems. She spoke about the SEC greenlighting the GBTC as the only way for people to gain exposure to Bitcoin in their brokerage account for over 6 years. Long said that it has caused a market distortion.
To counter these issues, Long said that she has been working on creating a non-leverage depository institution for over four years, that is also subject to the capital standards of the bank regulations. Long also highlighted all the crypto players in the US were not subject to these regulations.
Custodia Bank is a digital asset payment and custody solution platform for commercial customers in the US.
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Source: Cryptocurrency - investing.com
