[BTC is a lending instrument issued by a counterparty. Brings us back to the spirit of Satoshi." – @CaitlinLong_ on #Bitcoin unregulated crypto banking irregularities and regulatory oversight. pic.twitter.com/Uv0QWSEHfU
- Michael Saylor ⚡️ (@saylor) July 6, 2022
Long also emphasized the need to return to the spirit of Satoshi Nakamoto's design for the field - no leverage transactions. The treasurer indicated that Custodia Bank was built for the same purpose.
BTC is a currency instrument issued by a counterparty.
Long also stated that she fully supports the regulation of the encryption field, which will help prevent fraud and protect the market from leveraged participants. Leverage players are destroying the field, she explained. Additionally, the CEO said that regulators, including the SEC, are slowly pushing for non-leveraged participants.
In addition, the failure of Long's regulators has created a number of serious problems. She mentioned the SEC's approval of GBTC as the only way for people to touch BTC in their brokerage accounts for more than 6 years. This has led to market distortions, Long said.
To these questions, Long indicated that for more than four years she has been working on creating unlevered savings organizations that meet bank capital norms. Long also emphasized that all digital currency players in the United States are exempt from these requirements.
CustodiaBank is a digital currency payment and escrow solutions platform for U.S. business customers.
