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Caitlin Long, founder & CEO of Custodia Bank, discusses the threat the Fed poses to the crypto industry, bankruptcy cases, bitcoin ETF applications, regulatory environment, and the upcoming bitcoin halving.
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Quick takeaways
- The Federal Reserve's control over access to the US dollar poses a significant threat to the crypto industry, as a complete restriction would hinder the industry's USD connectivity and potentially lead to a single point of failure for the industry.
- The outcome of ongoing lawsuits challenging the Federal Reserve's authority and power to define banks will determine the future of US dollar banking access for the digital asset industry, with potential implications for the industry's ability to operate and access industry utilities like FDIC protection.
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The Fed's Importance as a Threat to the Crypto Industry
Caitlin Long believes that the Federal Reserve is a bigger threat to the crypto industry than the SEC. This is because the Fed controls access to the US dollar, and if it were completely restricted, the digital asset industry would lose its USD access. Long acknowledges that the Fed cannot fully eliminate USD access due to offshore entities like Tether, but the industry still relies on USD connectivity. She emphasizes that US dollar access is a single point of failure for the industry and argues that it is more important than the securities piece.
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