The CEO of Custodia Bank says that at least 90% of the crypto space needs to go away or be flushed out of the markets.
“That’s why I’ve defended the SEC (U.S. Securities and Exchange Commission) on a number of their critiques of this industry. I am not black and white defending everything that this industry does. In fact, I had a debate with a prominent person… I said, ‘Look, 90% of this industry still needs to go away and he said it’s 99% and I think that’s right. I mean whether it’s 90% or 99%, you see the point, there’s still a bunch of crap that needs to be flushed out.
I don’t think we’re done with the leverage flush and I hope that the leverage buildup doesn’t come back. I very much fear that it will because we don’t have these regulated exchanges and pathways to ensure that there’s a separation and not a co-mingling of funds.”
Amid regulatory issues in the US, Long commends Wyoming’s legal framework on crypto.
“The Wyoming structure is really good on those topics. In fact, it actually goes further than what’s available in the securities market right now because it recognizes that crypto are bearer instruments, they’re not issued by some central counterparty like the Depository Trust Company in the case of stocks and as a result, because it’s a bearer instrument, you can use the law of bailment as opposed to using these commingling law securities uses.”
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