Cathie Wood Called Out Regulators For Using Crypto As A Scapegoat
March 16, 2023
By: Ramsha Naushad
Congressman Tom Emmer sent a letter to FDIC Chairman regarding reports that the FDIC is weaponizing recent instability in the banking sector to purge legal crypto activity from the U.S.
Cathie spoke up to defend the crypto sector and called out this move by regulators as a mere use of crypto as a scapegoat for their lapses in oversight of traditional banking.
Cathie sees that FDIC and others will prevent the US from participating in the most important phase of the internet revolution- the crypto revolution.
"Crypto had nothing to do with the banks’ investment decisions", she says, "nor the Fed’s decision to jack up interest rates 19-fold in less than a year."
She points out where banks were mistaken: The first was that interest rates would remain low for an extended period, and the second was that deposits would continue to increase.
About recent events, she asserted that crypto did not force SVB and Signature into bankruptcy.
Finally, she praises decentralized, transparent, auditable, and over-collateralized crypto asset ecosystem. Calls crypto assets as safe havens!