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Caitlin Long 🔑⚡️🟠 Profile picture
@CaitlinLong_
Sep 26, 2020 • 7 tweets • 2 min read • Read on X
WHOA! What a speech by @CynthiaLummis (almost certainly about to become a US Senator) re why #bitcoin is a store of value, which may rise to be an alternative to the US dollar."I bought my first #bitcoin in 2013 bc I believe in the economic power of scarcity...now I'm a HODLer"🤠
HOLY COW--this is a stunning speech!
She just attacked the Bank Secrecy Act!
Oh my--she just advocated for a repeal of many of these regulations, which are also choking community banks that are so important to the local #Wyoming economy
I think we just heard the most powerful speech in #crypto in months, folks! I'll try to find a replay link to will post
I particularly loved her point about the real innovation coming from the states ("living laboratories"), & why states need an advocate in DC to ensure the feds don't steamroll them. WOW, just wow!
UPDATE -- the replay of @wyohackathon should be available tomorrow, so stay tuned!🤠

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More from @CaitlinLong_

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preferring permissioned blockchains over permissionless ones--even tho the other federal banking agencies (OCC/FDIC) rescinded that.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
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

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