Cardano Founder has accused the US Fed of corruption following its discriminatory actions against financial institutions.
Cardano Founder, Charles Hoskinson, has publicly charged the US Federal Reserve with “corruption.” Charles Hoskinson made this declaration in response to the US Federal Reserve’s recent discriminatory actions against financial institutions.
Cardano Founder Accuses US Federal Reserve
In addition, the situation took a serious turn when Caitlin Long, the CEO of Custodia Bank, entered the picture. Cardano Founder also exhorted citizens to “vote crypto” in the elections of 2024. “Remember in 2024 to vote crypto, or else you get more of this corruption,” Cardano Founder wrote in a post on X.
A vehement post by Long, who has been outspoken against the Federal Reserve’s purportedly discriminatory actions, ignited cardano Founder’s wrath. Long’s criticism also focused on what she perceived as the Federal Reserve giving some banks with ties to former Fed officials preferential treatment.
Long penned, “I AM QUIET.” Is this what it seems to be preferential treatment for yet another ex-internee of the Fed a few weeks after the Fed’s Inspector General ‘paused’ its probe of the Fed’s master account procedures? Eleanor Terrett, a Fox journalist recently made findings that fueled this topic even more.
Terrett revealed that Connecticut-based Numisma, a fintech bank previously known as Currency Reserve has received conditional approval for access to a Federal Reserve master account.
This is noteworthy since Numisma is a non-federally regulated, non-FDIC-insured bank, just like Custodia Bank. Nevertheless, the Fed had previously maintained that these institutions are “inherently unsafe and unsound,” so Numisma’s approval is surprising.
Terrett also emphasized an important aspect that has given the accusations more vigor. The journalist continued, “Both approved banks have ties to former Fed officials.”
Randy Quarles, a former vice chairman of the Fed is one of the founders of Numism. In 2018, the other bank, Reserve Trust obtained a master account and added former Fed Vice Chair Sarah Bloom Raskin to its board of directors.
However, the Kansas City Fed later cancelled Reserve Trust’s master account in 2022. Long also highlighted what appeared to be a double standard.
The CEO of Custodia Bank stated, “The Fed’s Custodia denial order provided excruciating detail regarding why these issues are incurable, but now a bank with the same regulatory structure received a pass from the Fed and an ex-Fed governor is involved.
XRP Lawyer John Deaton Joins The Fray
“Moreover, well-known pro-XRP attorney John Deaton has added his voice to the rising chorus of critics leveling corruption charges against the US Federal Reserve.
In response to recent accusations made by CEO of Custodia Bank Caitlin Long and cardano Founder Charles Hoskinson, Deaton resorted to social media to voice his doubts over the objectivity of federal regulatory bodies.”
As I’ve said multiple times, we are living through a period of time history books will later describe as ‘THE CORRUPTION ERA,'” declared Deaton without holding back.
The Federal Reserve, like all other federal agencies, has succumbed to corruption. In addition, he emphasized the issue of the “revolving door” that exists between regulatory agencies and the sectors they monitor because he believes it encourages corruption.
Additionally, if elected to the US Senate, he would propose specific legislative measures to tackle this issue. “I will draft a bill prohibiting a person from quitting their position as a U.S. regulator to go directly to work within the industry they were just in charge of regulating,” the XRP Lawyer wrote.
A five-year statute of limitations seems reasonable. Deaton gave a striking example to highlight the issue: “A person shouldn’t be allowed to leave the FDA and go work for Pfizer right away.
One week you’re on the boards of multiple firms, solely responsible for policing and the next you’re the chairman of the SEC. It encourages corruption.