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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
Oct 26
1/ I'VE BEEN THINKING about Fed Gov Waller's Tuesday speech introducing "skinny Fed master accounts" for payment-only banks. (This is what @custodiabank proposed to the Fed in June 2020, but I digress.) This 🧵discusses implications for the banking system.
federalreserve.gov/newsevents/spe…
2/ I've previously predicted the bank trade associations will litigate the question of whether it's legal for trust companies to engage in deposit-taking activities (more on this below).

But, previously, I also asked a question--if the banks can't beat 'em, why not join 'em?
3/ This weekend I updated my database of disclosed capital requirements for OCC trust companies. Of the 35 chartered since 1997 with public disclosures, the most common capital requirement was $2-3 million. The median is $5m. Here's Anchorage's at $7m:
occ.gov/news-issuances…
Read 24 tweets
Caitlin Long 🔑⚡️🟠 Profile picture
Aug 8
1/ DIGGING THRU Trump's #debanking executive order--it contains some hidden gems!!! The first one is a doozy--shows the @WhiteHouse understands it can't trust the federal banking regulators: It brought in an overseer to keep 'em honest (with good reason!).
whitehouse.gov/presidential-a…
2/ The overseer👇: SBA, a *non-bank* regulator. This speaks volumes: POTUS understands the abuses of power that gave rise to #debanking run deep in the agencies. Look up the political contributions of Fed & FDIC staff--they lean heavily Dem (eg, Fed staff gave 92% to Dems in '24) Image
3/ But it's not just anyone in charge at the SBA--it's Kelly Loeffler (@SBA_Kelly). She's a bitcoiner. Yes, the White House just gave a *bitcoiner* this 👇 task (!!!). Image
Read 6 tweets
Caitlin Long 🔑⚡️🟠 Profile picture
May 5
1/ MILESTONE ACHIEVED--a tokenized dollar (AvitTM) issued on a permissionless blockchain was used Friday *within the banking system* to make cross-border US dollar payments. @custodiabank & @Vantage_Bank teamed up to do it for Mexico-based trucking & logistics company, DX Xpress.
2/ It was a pleasure to watch DX Xpress transact--it's a tech-focused trucking co. whose CEO's goal is to be able to pay truck drivers programmatically *within an hour* of delivering goods to their destination. Stablecoin tech is the only way to do that so fast & cheaply today.
3/ Avits use #stablecoin tech but they're *actual dollars* (not merely claims to dollars), since banks (not non-banks) issue Avits. @Vantage_Bank & @custodiabank did the heavy lifting to integrate them safely into the banking system, working closely with our bank regulators.
Read 6 tweets
Caitlin Long 🔑⚡️🟠 Profile picture
Apr 27
1/ I'VE BEEN THINKING about why the Fed left in place one of its anti-#crypto statements while rescinding all 4 others. The one it left in place was issued in coordination w/ the Biden White House's anti-crypto statement on January 27, 2023. Link here:
federalregister.gov/documents/2023… x.com/CaitlinLong_/s…
2/ The Jan 27, 2023 guidance left in place by the Fed does many things, but here are the keys:
a. blocks banks from touching cryptoassets as principal, even in a tiny amount to pay gas/transaction fees,
b. blocks banks from issuing #stablecoins on permissionless blockchains +👇
3/ c. maintains a Fed policy preferring permissioned blockchains over permissionless ones--even tho the other federal banking agencies (OCC/FDIC) rescinded that.

What means?

**THE FED HAS MAINTAINED A REGULATORY PREFERENCE FOR PERMISSIONED STABLECOINS (ie, big-bank versions)**
Read 12 tweets
Caitlin Long 🔑⚡️🟠 Profile picture
Apr 15
@nic__carter @PirateWires 😲 Image
@nic__carter @PirateWires THIS BOMBSHELL HAS BEEN AN OPEN SECRET in Washington for quite a while--so much so that it wasn't really a secret anymore. *FINALLY* someone put it in writing:

🚨**Elizabeth Warren had de facto control over Biden's economic & financial regulatory team.**

Historians, have fun... Image
@nic__carter @PirateWires AND LOOKY HERE...a name that insiders also surfaced when the White House & Fed went after @custodiabank, using the press to try to intimidate us into withdrawing our Fed applications by telling us the Fed Board would vote down our application--2 days before the vote happened: Image
Read 12 tweets
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

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