Caitlin Long, CEO of Custodia Bank, said, "99% of the industry needs to burn to the ground," during the latest episode of "The Raz Report." 

This powerful statement encapsulates Long's perspective on the current state of the cryptocurrency industry, drawing parallels with the tech stock bubble of 1999.

During the interview with Benzinga CEO Jason Raznick, Long shared her insights, saying, "I was talking with somebody else who got into Bitcoin (CRYPTO: BTC) quite earlier than I did. We were debating whether 90% or 99% of the industry, even still, needs to burn to the ground. There's a lot of crap here."

She further elaborated on the similarities between the current crypto landscape and the tech stock bubble of the late 90s, emphasizing, "And it is in some ways a repeat of the tech stock bubble of 1999 – just so much crap. And it will not succeed, and it needs to be flushed, but markets are flushing it."

Long also touched upon the regulatory landscape in the United States, expressing her concerns about how regulators have approached the crypto industry. "What's happened is the regulators in the United States threw the baby out with the bathwater," she said.

"They were not wrong in observing that what built up was a giant circular leverage bubble. And then when it went backwards, it crashed very fast, and all that circular leverage – it turned out those yields were not real. They were coming from leverage on leverage on leverage, and there was just turtles all the way down."

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"We were debating whether 90% or 99% of the industry needs to burn to the ground… a repeat of the tech stock bubble of 1999. Regulators threw the baby out with the bathwater." –@CaitlinLong_

Join the conversation at the Future of Digital Assets Conference in New York on… pic.twitter.com/la3Tp6y4Bl

— Benzinga Crypto (@benzingacrypto) September 22, 2023

The conversation sheds light on the challenges and pitfalls of the rapidly evolving cryptocurrency industry. As the sector continues to grow and mature, insights from industry leaders like Long provide valuable perspectives for investors, regulators, and enthusiasts alike.

Join us as Long delivers a keynote address at Benzinga's Future of Digital Assets conference in New York on Nov. 14. Her insights and expertise promise to provide insight into the evolving landscape of digital assets. Seats are limited, and this is an opportunity you won't want to miss. Book your spot now and be at the forefront of the digital asset conversation. Don't miss out! USE Code BZCRYPTO for 20% OFF! 

Watch the full interview here:

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Photo: LinkedIn