{"id":297527,"date":"2021-07-13T09:11:50","date_gmt":"2021-07-13T06:11:50","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/crypto-crackdown-targeting-usd-access-points-has-begun-caitlin-long\/"},"modified":"2021-07-13T09:11:50","modified_gmt":"2021-07-13T06:11:50","slug":"crypto-crackdown-targeting-usd-access-points-has-begun-caitlin-long","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/crypto-crackdown-targeting-usd-access-points-has-begun-caitlin-long\/","title":{"rendered":"# Crypto crackdown targeting USD access points has begun: Caitlin Long"},"content":{"rendered":"<p>&#8220;<strong># Crypto crackdown targeting USD access points has begun: Caitlin Long <\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDcvZmJiODdiZDQtOTdhNi00ZWFjLTkwNWUtOGM4MzcyYTZhM2U3LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-128018ef>Caitlin Long, the founder and CEO of the pioneering bank for the crypto sector, Avanti Bank &amp; Trust, has declared that the regulatory crackdown on crypto \u201chas begun.\u201d<\/p>\n<p>In a lengthy tweet on July 13, the Wall Street veteran highlighted her thoughts on the current regulatory situation in the U.S., predicting that authorities will not target Bitcoin and Ethereum directly, instead opting to go after \u201cinter<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>ries\u201d and \u201caccess points\u201d for U.S. dollars into the sector.<\/p>\n<blockquote><p>\u201cThe issue isn\u2019t Bitcoin, Ethereum, or other crypto protocols, they\u2019re just fine. The risk comes from the banks\u2019 operational processes.\u201d<\/p><\/blockquote>\n<p>She also noted that July 13 marked the \u201ckey event\u201d in which the comment period for the Federal Reserve\u2019s proposed payment system access guidelines ended, arguing that the Fed\u2019s guidelines were partially aimed at cryptocurrencies despite not mentioning the asset class directly.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">1\/ THREAD ABT REGULATORY <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">NEWS<\/a> in <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/crypto?src=hash&amp;ref_src=twsrc%5Etfw\">#crypto<\/a>, which I\u2019ve been chronicling on twitter since April. Seems crackdown has begun. I dunno how it&#8217;ll turn out but:<br \/>* it won&#8217;t impact <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&amp;ref_src=twsrc%5Etfw\">#BTC<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/ETH?src=hash&amp;ref_src=twsrc%5Etfw\">#ETH<\/a> etc directly. Base layers will keep addin&#8217; blocks<br \/>* it&#8217;ll impact intermediaries &amp; US$ access points<\/p>\n<p>\u2014 Caitlin Long  (@CaitlinLong_) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CaitlinLong_\/status\/1414752483222736901?ref_src=twsrc%5Etfw\">July 13, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.federalreserve.gov\/newsevents\/pressreleases\/files\/bcreg20210505a1.pdf\"> guidelines<\/a>, proposed on May 5, outline the system that the central bank will use to evaluate requests to access the agency\u2019s financial services. The proposal comes amid growing requests from fintech firms and financial institutions and providers to gain access to the payments system.<\/p>\n<p>Caitlin emphasized the importance of ensuring crypto firms are able to gain direct access to master accounts with the Federal Reserve, citing an example from 2017 when a number of banks carried out mass closures of bank accounts connected with crypto, stating: <\/p>\n<blockquote><p>\u201cDidn\u2019t matter whether biz was legit or scam&#8211;all were de-banked.\u201d<\/p><\/blockquote>\n<p>Long emphasized that the same risks remain today, noting that leading U.S. exchange, Coinbase, had expressed the same concerns in its IPO prospectus.<\/p>\n<p>\u201cIt\u2019s important for our industry that law-abiding companies can gain direct US$ access on our own. It\u2019s not just about cutting out layers of fees that many in our industry are incurring just to get US$ access,\u201d she said.<\/p>\n<p><strong><em>Related:<\/em><\/strong><em> <\/em><em>Will regulation adapt to crypto or crypto to regulation? Experts answer<\/em><\/p>\n<p>Avanti, which received a bank charter in Wyoming in October 2020, has submitted its own 18-page comment<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/avantibank.com\/press\/avanti-submits-comments-to-federal-reserve\"> letter<\/a> emphasizing its concerns with the Fed\u2019s proposed legislation.<\/p>\n<p>Long, who co-founded Wyoming Blockchain Coalition in 2017, was instrumental in establishing Wyoming\u2019s permissive regulatory <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>aratus regarding crypto firms.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/crypto-crackdown-targeting-usd-access-points-has-begun-caitlin-long\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Crypto crackdown targeting USD access points has begun: Caitlin Long &#8221; Caitlin Long, the founder and CEO of the pioneering bank for the crypto sector, Avanti Bank &amp; Trust, has declared that the regulatory crackdown on crypto \u201chas begun.\u201d In a lengthy tweet on July 13, the Wall Street veteran highlighted her thoughts on&#8230;<\/p>\n","protected":false},"author":1,"featured_media":297528,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDcvZmJiODdiZDQtOTdhNi00ZWFjLTkwNWUtOGM4MzcyYTZhM2U3LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[70550,70934],"class_list":["post-297527","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-federal-reserve","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/297527","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=297527"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/297527\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/297528"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=297527"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=297527"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=297527"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}