Caitlin Long, founder and CEO of Avanti Financial Group, talks about the issues plaguing the current state of technology in traditional finance and how her background as a 22-year Wall Street veteran, gubernatorial appointee to the Wyoming Blockchain Task Force, and crypto pioneer is helping her shape Avanti into a bridge between conventional banking and crypto. Tune in to hear Caitlin discuss:
- the current state of crypto adoption on Wall Street (1:09)
- how her entrepreneurial spirit galvanized a career spanning Wall Street, the Wyoming Legislature, and, now, crypto banking (2:07)
- why Caitlin fell in love with Bitcoin (4:57)
- fractional reserves and why the current financial system is a “violation of property rights” (7:00)
- how stablecoin technology will change banking leverage and what effects faster settlement times will have on inflation (11:30)
- why corporate treasurers have been using BTC since 2014 in foreign exchange transactions (17:14)
- what issues Wyoming is trying to solve through crypto legislation and why banks might be closing down customer accounts linked to crypto exchanges (19:18)
- a proposed Wyoming bill that would prohibit judges from disclosing private cryptographic keys (28:32)
- where the idea for Avanti came from and how it will be different than other banks (32:50)
- existing problems with stablecoin regulation and a deep-dive into GAAP accounting for crypto (46:51)
- why Wall Street’s accounting system is to blame for the GameStop and Robinhood situation (52:32)
- whether or not a blockchain could work for settling securities (52:32)
- her thoughts on pension funds and endowments directly owning crypto (59:54)
- what it is going to take for Avanti to successfully bridge the gap between traditional finance and crypto (1:02:38)
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Episode links:
Caitlin Long
Twitter: https://twitter.com/CaitlinLong_
Personal website: https://caitlin-long.com/
CoinDesk profile: https://www.coindesk.com/most-influential/2019/caitlin-long
Avanti
Website: https://avantibank.com/
Twitter announcement: https://twitter.com/CaitlinLong_/status/1231958552790482950
Avit: https://www.coindesk.com/unpacking-the-avit-avanti-banks-new-digital-asset-being-built-with-blockstream
Banking charter: https://www.forbes.com/sites/michaeldelcastillo/2020/10/28/avanti-unanimously-wins-bitcoin-banking-charter/?sh=50db610816aa
Wyoming and blockchain: https://www.coindesk.com/haven-blockchain-case-wyoming
GAAP accounting and crypto: https://twitter.com/CaitlinLong_/status/1356759511856410624
Trust charter vs. SPDI: https://twitter.com/CaitlinLong_/status/1349850451374587907
Special purpose depository institutions: https://twitter.com/CaitlinLong_/status/1194022779730968577
Bailment: https://www.forbes.com/sites/andreatinianow/2019/03/07/a-split-emerges-in-blockchain-law-wyomings-approach-versus-the-supplemental-act/?sh=49635109719a
Caitlin on GameStop:
https://www.coindesk.com/first-mover-crypto-gamestop-bitcoin-dogecoin
Previous Episodes
On How 'Utility Tokens' Are Now Legal in Wyoming, 2018
Why the ICE/BAKKT News Makes Some Crypto Investors Nervous, 2018
How Avanti Will Be a 'Not Your Keys, Not Your Coins' Bank, Feb 2020
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