Caitlin Long, founder and CEO of Avanti Financial Group, joins the show. Caitlin is a thinker and writer we admire a huge amount and she has done a monumental job with her advocacy for responsible custody practices among crypto depository institutions. She is one of the key architects of the Wyoming Special Purpose Depository Institution legislation which establishes a new form of crypto bank in Wyoming. In in no small part thanks to her efforts that Wyoming is the most progressive state in terms of defining and regulating digital assets and the institutions that custody them. We share Caitlin's enthusiasm for clarifying depositor exchange relationships and for public-facing proofs of reserve, so we were very excited have her on the show. Covered in this episode: Risks involved in complying with the FATF's travel rule How the FATF enforces its recommendations Why compliance burdens freeze out small and community banks How the $10k limit for disclosure for cash transactions increases the scope of transactions that should be disclosed in real terms How the Bank Secrecy Act and the third party doctrine means the government can procure warrantless financial data Caitlin's Bitcoin origin story The thawing of the gold community's sentiments towards bitcoin The tension inherent in the institutionalization of bitcoin Why Proofs of Reserves aren't more popular today The importance of distinguishing ownership of a key and a legal title Why users are poorly equipped to hold exchanges accountable Why the state by state regulation in the US doesn't suit the reality of crypto custodians How the Wyoming SPDI legislation got started What the Wyoming SPDI laws actually mean How Avanti got its name Caitlin's long term objectives with Avanti Why banking remains the achilles heel of the crypto industry Why existing banks might not be able to handle future growth of the crypto industry How the FDIC targeted the crypto industry Why custodians should have access to the Fed window Caitlin's pitch to entrepreneurs to move to Wyoming