As an analyst with a background in financial regulation and a deep interest in the crypto space, I find the recent accusations against the US Federal Reserve by Charles Hoskinson, Caitlin Long, and John Deaton particularly concerning. The apparent preferential treatment given to certain banks with connections to former Fed officials raises serious questions about the integrity of our regulatory system.
As a financial analyst, I’ve closely followed the developments surrounding Charles Hoskinson, the founder of Cardano (ADA), and his accusations against the US Federal Reserve. In response to the Fed’s latest discriminatory actions against banking institutions, Hoskinson openly voiced his concerns, labeling their behavior as corrupt. The situation gained more attention when Custodia Bank CEO Caitlin Long entered the conversation.
Hoskinson Accuses US Federal Reserve
Additionally, Hoskinson encouraged voters to cast their ballots for cryptocurrencies during the 2024 elections. In a message on X, he warned, “Don’t forget to ‘vote crypto’ in 2024 or we’ll continue to experience corruption.” This statement from Hoskinson was prompted by Long’s controversial post, in which he criticized the Federal Reserve for perceived discriminatory actions.
As a researcher, I’ve come across Long’s criticism where she expresses her shock and disbelief over what seems to be preferential treatment by the Federal Reserve towards certain banks with past connections to Fed officials. Long exclaims in her writing, “I can’t believe it! Is this really what it looks like – special treatment by the Fed for yet another former insider, merely weeks after the Fed’s Inspector General reportedly paused its investigation into the Fed’s master account practices?” This controversy has gained more attention due to recent disclosures from Fox journalist Eleanor Terrett.
As an analyst, I’ve uncovered some intriguing news regarding Numisma, a fintech bank based in Connecticut, previously known as Currency Reserve. This financial institution has received conditional approval from the Federal Reserve to access a master account. Notably, Numisia is categorized as a non-FDIC-insured and non-federally regulated bank, much like Custodia Bank. However, it’s important to note that such banks have historically been viewed with skepticism by the Fed, being labeled “inherently unsafe and unsound.” Yet, Numisia has managed to secure this approval despite these past reservations.
Furthermore, Terrett brought up an important point that has intensified the accusations. He noted, “Two banks granted approval have links to ex-Fed officials. Numisma, founded by Randy Quarles, who once served as Vice Chairman at the Fed, is one of them. The other bank, Reserve Trust, obtained a master account in 2018 and boasted Sarah Bloom Raskin on its board – another former Vice Chair of the Federal Reserve. Nevertheless, the Kansas City Fed withdrew Reserve Trust’s master account in 2022.”
XRP Lawyer John Deaton Joins The Fray
Furthermore, Long highlighted the perceived inconsistency. The head of Custodia Bank expressed his concern, “The Fed’s rejection of our application was meticulously justified for the identified issues, yet another bank with a similar regulatory framework received approval, and a former Fed governor is implicated?”
John Deaton, a well-known lawyer advocating for Ripple, has added his voice to those accusing the US Federal Reserve of corruption. This comes after allegations from Charles Hoskinson, founder of Cardano, and Caitlin Long, CEO of Custodia Bank. On social media, Deaton shared his concerns regarding the trustworthiness of federal regulatory bodies.
Deaton was straightforward in his speech, declaring, “We’re currently experiencing a time in history that future textbooks will label as ‘The Corruption Era.’ The Federal Reserve is just another one of the corrupted federal institutions.” He further highlighted the problem of the “revolving door” between regulatory bodies and the industries they regulate, which he strongly believes contributes to corruption.
He also put forth particular legislative solutions to address this issue should he secure victory in the US Senate election. The XRP Lawyer expressed, “I will draft a law prohibiting an individual from quitting their position as a US regulatory officer to join the industry they recently oversaw. A five-year ban seems suitable.”
Deaton made the issue clear with an illuminating analogy: “It’s inappropriate for someone to transition from being the head of the FDA to working for Pfizer right away. One day you’re overseeing regulatory matters, and the next, you’re sitting on the boards of companies that were recently under your jurisdiction. This situation invites corruption.”
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2024-05-22 15:00