Caitlin Long and Erik Voorhees team up at Consensus 2023 LIVE to discuss the future of blockchain and cryptocurrency. As two influential figures in the industry, Long and Voorhees offer unique insights into the latest trends, innovations, and challenges facing the crypto ecosystem. Join them to gain a deeper understanding of the potential of blockchain technology and how it can change the financial landscape as we know it. Don’t miss out on this exciting discussion!
The CEO of Custodia Bank, Caitlin Long, believes that crypto has lost its way, amidst the immense fraud and failure that has plagued the industry in 2022. Long, along with ShapeShift CEO Erik Voorhees, spoke at the Consensus 2023 event about how regulators are driving the industry offshore due to their hasty and reckless crackdowns.
During their panel, titled “Remember Why We’re Here: Crypto’s True Purpose,” Long and Voorhees shared how they became interested in crypto after the great financial crisis exposed failures of the current monetary system. They highlighted the need for an honest ledger, which would allow individuals to save the fruits of their labor without the fear of someone else stealing it. Long identified Bitcoin as the solution, as it offers a trusted ledger with no counterparty risk.
The panelists cited FTX’s collapse in 2022 as an example of the centralized fraud that Bitcoin was supposed to protect against. In response, regulators have overreacted and punished compliant crypto companies the hardest. Long expressed her disappointment that the United States is pushing everything offshore and into the unregulated shadow markets, rejecting those trying to create a reasonable regulatory regime. She also criticized the Securities and Exchange Commission’s “wack-a-mole” approach to regulating, which only allows scammers to continue their illicit activities.
While Voorhees is against scammers, he believes that open-source software is the solution to their future activities, rather than increased regulation. He lauded the transparency of Bitcoin and applauded the talented engineers around the world who are building transparent, immutable financial software.
Voorhees also didn’t object to speculative bubbles, like that of FTX. While acknowledging that people lost money on failed projects, he recognized that they gave rise to profitable ventures like Ethereum. He argued that the return on capital on Ethereum easily pays off all ICO investment 10x.
In conclusion, it is vital to remember the true purpose of crypto and to strive towards an honest ledger that protects individuals’ hard-earned savings. While regulation is necessary, it should be reasonable and not pushed offshore, leading to unregulated shadow markets. Finally, open-source software provides a better solution to scammers than heavy-handed regulation.