Bitcoin’s Resilience: Caitlin Long Believes Regulators Can Only Play Whack-a-Mole
The founder of Custodia Bank, Caitlin Long, has stated that regulators will be engaging in a futile game of “Whack-a-Mole” if they continue to suppress Bitcoin. Long’s comments came amidst a recent spate of regulatory enforcement actions that raised suspicions of a coordinated attack on the US crypto industry. Some have dubbed this “Operation Chokepoint 2.0”, a program that purportedly bypasses laws and democratic due process to enforce political views. Long noted that since Custodia Bank’s application to join the Federal Reserve System was rejected, the crypto industry has had a “blanketing” of enforcement actions, which she believes are part of a deliberate attempt to stifle the industry. Despite this, Long believes that recent BTC price spikes demonstrate that regulators have no power to shut it down, and that fiat and crypto will coexist. However, by forcing US crypto firms overseas, regulators are storing up problems for themselves in the long term.