In a recent Wyoming Public Radio article, Caitlin Long, Founder and CEO of Custodia Bank, passionately defends the cryptocurrency industry despite its recent challenges. As a Wall Street veteran, Long has been instrumental in establishing Wyoming as one of the most crypto-friendly states in the US.
According to Will Walkey’s article, Long believes that cryptocurrency has brought new people and jobs to Wyoming, a state that has struggled to diversify its economy beyond the energy industry. She said, “This is incredible. I’m seeing people coming from Denver, as opposed to our kids going to Denver the other way around.”
The article also highlights that other Western states, such as Colorado and Nevada, have attempted to stay ahead of the curve regarding cryptocurrency adoption. However, some experts question whether states should be trying to attract crypto businesses.
Chris Odinet, a law professor at the University of Iowa, was quoted in the article as saying, “These crypto assets are not tied at all to the real economy. There are not merchants and commercial firms with consumer and commercial goods and supply chains behind them. So then I think you have to ask, what really is this for?”
Wyoming is the first state to grant companies the ability to house digital currencies alongside fiat currencies under one roof through Special Purpose Depository Institutions (SPDIs). The article notes that Odinet believes allowing banks to provide crypto investment or custodial services is a grave mistake.
Lastly, the article mentions that Congress is attempting to regulate digital assets, with Wyoming’s junior senator, Cynthia Lummis, introducing the Responsible Financial Innovation Act alongside Sen. Kirsten Gillibrand (D-N.Y).
On March 22, the Custodia Bank CEO expressed concerns about the Biden Administration’s stance on crypto. She stated that it seems the administration wants all crypto out of the U.S. Long also questioned the SEC’s actions, saying that if any of the agency’s actions against Coinbase predate the company’s IPO, then the SEC has overstepped its remit of investor protection.
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