· Caitlin Long strikes back at ther New York Times for their biased article
· The article was inaccurate and omitted vital facts
· The Wyoming special bank charter only accepts fiat currency
Caitlin Long, the Avanti Bank and Trust (regulated bank) CEO says that the blanket tarnishing of the crypto industry is not fair. The CEO posted a reply to a recent article by the New York Times.
The article claimed that DeFi and crypto finance is “disrupting the banking industry” so rapidly that regulators are overwhelmed and cannot keep up. Disruption is what DeFi and crypto are about. Still, the article titled “Cryptos Rapid Move Into Banking Elicits Alarm in Washington,” published on 5th September 2021, was inaccurate and omitted some key facts, according to the CEO.
The piece argued by using DeFi startup BlockFi and stated that crypto’s leveraged products and crypto derivatives were every regulator’s nightmare and struggled to catch up. According to the New York Times, high-stake speculating exposed investors and made them vulnerable to huge losses.
Caitlin stated that the issue is not as open and shut and suggested that the anti-crypto factions were constantly striving to paint the entire crypto industry black. “Bad actors deserve to be called out, but the article ignores the fact that regulatory-compliant firms exist,” she stated.
Long took issue with the article failing to mention that fully regulated crypto banks existed, such as her bank Avanti, launched in 2020 in Wyoming. Long also indicated that Wyoming’s special bank charter does not allow anyone to make cryptocurrency deposits. The regulated banks provide custody for crypto but only take fiat currency deposits.Kibet Elikana