Caitlin Long Believes Wyoming is Set to Become the World’s Next “Crypto-Valley”
After CCN released its two-hour long conversation with Caitlin Long yesterday, the crypto world has been set abuzz, especially after Ms. Long revealed some startling facts regarding the dirty world of Wall-Street finance and how certain lobby groups were “out to get Bitcoin”.
“I See Blockchain Technology Being Used As A Custodian’s Tool Across Every Type Of Asset Class”, Ms. Long
Continuing with her enlightening discourse, Caitlin mentioned that by tokenizing assets and implementing blockchain technology within the traditional finance sector, a lot of issues related to data duplication and reconciliation of information can be avoided. She also briefly mentioned the deployment of a shared ledger system which could use a ‘private walled garden-type blockchain’ in order to streamline work processes between different financial bodies much more effectively.
As far as ICE (Intercontinental Exchange) coming out and saying that it was “embracing Bitcoin” recently, Ms Long mentioned that the organization could be a trailblazer if it dropped its current structure wherein “ there’s one global security sitting in a vault at the DTCC for all of the Apple shares outstanding”. Instead she suggested a framework where we “start actually issuing these things natively digital and allocate them to their rightful owners.”
This would not only lead to increased transparency but would prevent the “commingling and rehypothecation” of various assets without explicit consent from the owners of the securities.
ICE CEO, Jeff Sprecher, Is One Of The ‘Most Respected People On Wall Street’
When questioned if she believes ICE will stick to its word and mitigate the issue of rehypothecation when it comes to Bitcoin, Caitlin said that she “sure hopes so”. Additionally, she added that Jeff Sprecher, the CEO of ICE, is one of the most respected people on Wall Street and was the person who saved the NYSE by engineering the “digitization of equities markets” which eventually helped a lot of people save some “real money”.
Wyoming Is Going To Become The Next Go-To Crypto Destination In The Coming Future
Speaking on why she believes Wyoming is set to become the next ‘Crypto Valley’ of the world, Caitlin mentioned that owing to the state’s various tax friendly laws a lot of investors from across the United States will definitely look at Wyoming as a viable business proposition.
For starters, the state exempts cryptocurrencies from any property taxes. Add to this the fact that there is no income tax in Wyoming along with no peripheral taxes such as sales tax, property tax, crypto enthusiasts are bound to be attracted by such an attractive proposition.
The SEC “Needs To Make Up Its Mind”
Another bone that Caitlin has to pick with the SEC is its wavering stance regarding the financial status of cryptos. In the past, the financial agency has played both sides of the court since it initially said in late 2017 that “all utility token offerings were securities”. This statement alone caused the entire crypto industry within the United States to seize and “flee offshore”. However, since making this controversial remark, the SEC has backtracked on this stringent stance, especially after it saw how many American businesses were packing and moving abroad because of this foolish statement.