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Caitlin Long 🔑⚡️🟠 Profile picture
@CaitlinLong_
Sep 16, 2020 • 5 tweets • 4 min read • Read on X
1/ IT'S OFFICIAL!!! Welcome to #Wyoming, @krakenfx!

🐙+🤠=🔥🚀🎉

What a win-win for #crypto & Wyoming! As of **NOW** Kraken has a US bank charter—a 100% reserves-required, audit required (w/ #ProofOfReserves), custody via legal bailment, no #rehypothecation type of bank!🤠
2/ The vote of #Wyoming's Banking Board just concluded & it was UNANIMOUS! It took 27 months for the first #Wyoming SPDI to obtain a charter—congrats to the dozens of people who made it happen, esp @GovGordon, @TylerLindholm & Wyoming legislators & the Wyoming Division of Banking
3/ I’ll be back w/ more analysis later. Next applicant in line for #Wyoming SPDI is @AvantiBT later this Fall (more are on the way). But today is @krakenfx's day. As a shareholder, I'm so happy for @jespow & Kraken team! Applications for this charter opened a yr ago--took longer
4/ ...than expected but the outcome is just as sweet! Congrats again @krakenfx & #Wyoming!!!
blog.kraken.com/post/6241/krak…

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More from @CaitlinLong_

Caitlin Long 🔑⚡️🟠 Profile picture
Mar 25
1/ WE TOOK TERRITORY by issuing the first bank-issued #stablecoin on a permissionless blockchain & it's not what you think. 🧵 below. The real impact is on #tradfi--yes, #crypto took regulatory territory, but #tradfi is the real story in what @custodiabank did w/ @Vantage_Bank. Image
2/ Background: Fed Governor Waller's #stablecoin speech a few wks ago distinguished btwn "real" dollars & "synthetic" dollars, noting stablecoins are synthetic. Only the Fed + special types of entities legally authorized to take demand deposits can issue *real* dollars.
federalreserve.gov/newsevents/spe…
3/ Crypto doesn't care abt that distinction, but to #tradfi that distinction is EVERYTHING. Why? bc tradfi must care about legal, accounting & tax rules. I can't give legal, accounting or tax advice, but when a bank authorized to issue a dollar issues a dollar, it's a dollar.💡
Read 10 tweets
Caitlin Long 🔑⚡️🟠 Profile picture
Feb 18
1/ Prime Trust's bankruptcy Plan Admin recommended that its #crypto custody customers--who thought they owned the custodied assets--take a haircut. Amount not clear yet (Celsius custody customers took a 27.5% haircut). These situations were sadly avoidable. courtlistener.com/docket/6769170…Image
Image
2/ Context: bankruptcy is a process designed to maximize the recovery of assets for a bankrupt company's estate, while a bank's receivership is a process designed to protect a bank customers. When a non-bank fails, it goes to bankruptcy. When a bank fails, it goes to receivership
3/ So, the Prime Trust discussion is only a bankruptcy discussion because Prime Trust wasn't a bank.

Prime Trust went bust and has an asset shortfall, so a bankruptcy judge must decide whether its custody customers will get all their assets back or will take a haircut.
Read 9 tweets
Caitlin Long 🔑⚡️🟠 Profile picture
Jan 29
1/ NEW BLOG: "How To Keep The #Bitcoin Strategic Reserve From Morphing Into A Bailout Fund." Did you know SBF publicly advocated for a crypto bailout fund just 1 month before FTX failed? Story 👇Lesson: don’t let future Sams hijack the SBR for a bailout!!!
caitlin-long.com/how-to-keep-bi…
2/ In the blog I analyze #bitcoin as a reserve asset (key is its favorable inflation rate differential)--but condition my support for a BSR on drafting legislation w/ 4 specific prohibitions to prevent insolvent-but-politically-connected people from ever using it for a bailout: Image
3/ The favorable inflation rate differential between #bitcoin & US dollar + strategic benefits make bitcoin worth considering as a reserve asset, but the consensus mechanisms of other #crypto can be too easily changed to permit higher inflation so I don't support including them: Image
Read 6 tweets
Caitlin Long 🔑⚡️🟠 Profile picture
Jan 10
🚨HUGE NEWS on #debanking & #OperationChokePoint2.0: a little birdie told me that @FDICgov Vice Chair Travis Hill just spoke at an ABA meeting & said there is no place at the FDIC for those who explicitly or implicitly supported its debanking initiative. Transcript not avail yet
Travis Hill is a Republican & is vice chairman of the FDIC—has been outvoted by Biden/Warrenites on the FDIC board, but that will change on Jan 20 when Gruenberg steps down.

👀 @nic__carter @CampbellJAustin @iampaulgrewal @vronirwin
It'll be soooooooo interesting to see if Hill went off-script. Don't forget Gruenberg's people still control the FDIC (head of comms is allegedly trying to silence online critics of #debanking, so I doubt such remarks would've made it thru official editing of his speech, which should be posted at this site soon):
fdic.gov/news/speeches
Read 4 tweets
Caitlin Long 🔑⚡️🟠 Profile picture
Jan 6
1/ 🚨THE FED'S DEBANKER-IN-CHIEF IS OUT! Michael Barr, the last remaining Biden/Warren appointee who architected #OperationChokePoint2.0 at a federal financial agency, will resign as vice chair for supervision in Feb (see @nic__carter's March 2023 map👇).
federalreserve.gov/newsevents/pre…Image
2/ It was an open secret in DC that Trump was likely to fire him. He had a terrible, horrible, no good, very bad reign as Fed Vice Chair for Supervision--the WSJ covered only some of why 👇, calling him "a favorite of Elizabeth Warren" but omitting a lot:
wsj.com/opinion/a-fede…
3/ Barr siloed information within the Fed, as of Oct 2022 sending Fed supervision staff a memo prohibiting them from talking to other Fed governors unless they’d spoken with him first👇
Read 6 tweets
Caitlin Long 🔑⚡️🟠 Profile picture
Dec 1, 2024
1/ NEW FACTS REVEALED: 2 years ago today, the Fed quietly hammered 5 banks & thereby kicked off its industry-wide dragnet against banks serving the #crypto industry. @joerogan & @pmarca recently made discussions about #debanking go mainstream, which makes today’s anniv notable.
2/ On the Sunday after Thanksgiving 2022 (11/27/22), the Fed hit the first of these 5 banks w/ regulatory actions targeting their crypto activities, and its blitz carried into the following work week. Thus began what @nic__carter would later dub #OperationChokePoint2.0.
3/ How did I learn these facts? I pieced together public info + info from insiders who came forward & filled in puzzle pieces for me. I know the 5 banks’ names but won’t disclose them here. Publicly-available info confirms @custodiabank was one of them.
Read 12 tweets

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