Bitcoins and dollars are like oil and water—but financier Caitlin Long says she can blend them inside one novel institution domiciled in Wyoming ForbesOver50
ight years ago, Caitlin Long was a card-carrying member of the financial establishment. As head of Morgan Stanley’s pension advisory group, she oversaw the retirement funds for dozens of employers. The dust from the impact of the Great Recession, which wiped out billions of dollars in market value from her clients, was just beginning to settle.
While securities lending is kosher if the client permits it—and shares in the lending fees— in this case the client had explicitly forbidden the practice. “It struck me as very unfair to mom and pop pensioners,” she says. She gave the custodian until the next day to fix the problem, or she would be calling the cops at the Securities & Exchange Commission. “Magically, the assets came back.
Two years ago Long proposed a new regulatory regime that would make it easier for banks to open accounts for cryptocurrency businesses. Next she landed a spot on the Wyoming Blockchain Task Force, which inspired the legislature to enact 18 laws to facilitate crypto financing. One of those statutes allowed her to make a six-figure donation to the university to fund female engineers. Another permits state charters for a new kind of institution that can handle both dollars and crypto.
already in the works. “We’re moving to a financial system, where solvency is really going to matter again,” she says. “And provably solvent financial institutions are ultimately going to win in the marketplace.”As a result, Long thinks that banks like Avanti, that don’t lend out depositors’ money, could prove attractive even to clients that don’t deal in crypto. Instead of making money by lending money, Long says, Avanti will charge fees for services.
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