Caitlin Long
Born 1968 · Age 57
Wall Street veteran turned crypto-banking pioneer; founder & CEO of Custodia Bank (formerly Avanti). Key architect of Wyoming's blockchain-friendly laws and long-time advocate for integrating digital assets with the traditional banking system.
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Life & Career Timeline
Born in Laramie, Wyoming
Born and raised in Laramie, Wyoming; daughter of an electrical engineering professor and an elementary school teacher.
Graduated BA, University of Wyoming
Earned a Bachelor of Arts in Political Economy from the University of Wyoming.
Earned JD and MPP, Harvard Law & Kennedy School
Completed joint degrees: Juris Doctor (Harvard Law School) and M.P.P. in International Trade & Finance (Harvard Kennedy School).
Joined Salomon Brothers as Associate
Began Wall Street career at Salomon Brothers (associate role).
Joined Credit Suisse (senior role)
Moved to Credit Suisse; served in senior roles including Managing Director over the next decade (1997–2007).
Appointed to University of Wyoming Foundation Board
Served on the University of Wyoming Foundation board (2003–2011), strengthening ties to alma mater and Wyoming community.
Joined Morgan Stanley (Managing Director)
Left Credit Suisse to join Morgan Stanley; ran pension solutions business and held senior roles through 2016.
Gave away most of 2008 bonus
In response to the 2008 financial crisis, she publicly gave away most of her bonus and donated a portion to the Mises Institute.
First became involved in Bitcoin
Discovered Bitcoin via Jeffrey Tucker and Austrian economics circles; began studying crypto and attending events.
Deepened involvement in Bitcoin/blockchain
Immersed in Bitcoin and blockchain research and activities (described as having major 'aha' moments in 2013).
Named to Institutional Investor ‘Pension 40’
Included in Institutional Investor's list of the most influential people in pensions (2013).
Named to Institutional Investor ‘Pension 40’ (repeat)
Again named to Institutional Investor's 'Pension 40' list (2014).
Named to Institutional Investor ‘Pension 40’ (third time)
Third consecutive year on Institutional Investor 'Pension 40' list (2015).
MarketsMedia Women in Finance Award - Excellence in Blockchain
Received MarketsMedia's Women in Finance Award for Excellence in Blockchain (2016).
Named by Inc. among 10 leaders changing the world through tech
Included in Inc. magazine's list of ten business leaders changing the world through technology (2016).
Left Morgan Stanley to join Symbiont
Departed Morgan Stanley after ~22-year Wall Street career to become chairman & president of Symbiont, an enterprise blockchain company.
Led Symbiont blockchain projects
As chairman & president of Symbiont, co-led institutional pilots (including a project delivering market index data to Vanguard).
Left Symbiont (end of tenure)
Ended role as chairman & president of Symbiont in 2018 (joined 2016; sources show Symbiont later faced financial trouble and bankruptcy filings in 2022).
Two patent co-inventions credited
Reported to hold two co-patents: 'Cryptographic Token with Separate Circulation Groups' and 'System and Method for Termination of Pension Plan Through Mutual Annuitisation' (patent years not publicly clear).
Co-founded Wyoming Blockchain Coalition
Co-founded the Wyoming Blockchain Coalition to promote blockchain adoption and policy in Wyoming and beyond.
Helped enact blockchain enabling laws (13 laws reported)
Instrumental in drafting and passing blockchain-enabling legislation in Wyoming; sources report 13 laws enacted in 2018.
Chaired inaugural WyoHackathon
Chaired the University of Wyoming's inaugural hackathon (WyoHackathon) for developers in 2018 and remained involved thereafter.
Appointed to Wyoming Blockchain Task Force
Gubernatorial appointee to the Wyoming Blockchain Task Force; played a formal legislative role to craft blockchain laws.
Testified / provided written testimony re: Libra to Senate Banking Committee
Provided formal written testimony and commentary regarding Facebook's Libra project and implications for policy (Forbes-linked engagement, July 15, 2019).
Helped enact blockchain enabling laws (20 laws reported over tenure)
Alternate reporting: credited with helping enact twenty blockchain-related laws in Wyoming during her tenure (2018–2019).
Founded Avanti Financial Group (later Avanti Bank & Trust / Custodia Bank)
Founded a crypto-focused bank initially known as Avanti Financial Group (later trading as Avanti Bank & Trust; now Custodia Bank).
University of Wyoming Outstanding Alumnus Award
Named Outstanding Alumnus by the University of Wyoming (2019) for contributions in finance and blockchain policy.
Moved back to Wyoming full-time
Transitioned residence and primary professional base from the East Coast (Connecticut) back to Wyoming, completing move in 2019.
Published Forbes piece on state virtual currency laws
Authored a Forbes piece on March 25, 2019 regarding state virtual currency laws and the Uniform Law Commission's position.
Forbes article on Hybrid adoption (crypto/legacy)
Wrote on Forbes about how blockchain hybrids and government/private adoption were progressing (June 9, 2019 and other pieces in 2019–2022).
Left Wyoming Blockchain Task Force
Resigned from gubernatorial role in November 2019 to focus on founding a crypto-native bank.
Custodia raised $51M in VC funding (aggregate)
Between 2020 and 2024 Custodia (Avanti) raised a total reported $51 million in venture capital funding.
VC funding for Custodia begins
Custodia (Avanti) began fundraising from venture capital and institutional backers (aggregate raises reported over following years).
Applied for Federal Reserve master account / Fed membership
Applied to the Federal Reserve Bank of Kansas City for membership and a master account to access Fed payment/settlement services — critical for bank operations.
Granted SPDI bank charter by Wyoming Banking Board
Avanti (Custodia) was granted a Special Purpose Depositary Institution (SPDI) charter by the State Banking Board in a unanimous vote (Oct 2020).
Federal Reserve delays master account decision
In 2021 the Federal Reserve delayed Custodia's master account application and issued new guidance on eligibility for master accounts; Custodia had to apply for federal deposit insurance subsequently.
Public discussion: 'Bitcoin & The Future of Crypto Regulation' (podcast/webinar)
Public speaking appearance with Raoul Pal on Bitcoin regulation (video/webinar Jan 27, 2021).
Symbiont partnerships noted (Vanguard, State Street); later bankrupt
Symbiont, the company Long led 2016–2018, later secured partnerships with Vanguard and State Street (reported) and subsequently faced insolvency/bankruptcy in 2022.
Filed lawsuit against Federal Reserve
After prolonged delay, Custodia filed to sue the Federal Reserve in 2022 arguing it was obliged to grant master accounts to eligible institutions.
Regulatory backlash after FTX collapse impacted crypto banking
Following the collapse of FTX in late 2022, U.S. regulators signaled caution to banks about servicing crypto firms, complicating Custodia's efforts to obtain bank relationships and Fed approval.
Received Distinguished Alumni Award (reported)
Reported to have received a distinguished alumni award from the University of Wyoming (reported in 2023 coverage).
Federal Reserve denied Custodia master account
Custodia's application for a Federal Reserve master account was ultimately declined in 2023; the bank continued operations using correspondent relationships and pursued legal appeals.
Net worth estimated ~USD 10 million (public estimates)
Publicly reported net worth estimates for Caitlin Long ~USD 10 million (sources such as CoinGape reported this figure for 2024).
Federal judges upheld Fed decision; Custodia appealed
In April 2024 federal judges upheld the Fed's decision to deny Custodia a master account; Custodia appealed the ruling.
Custodia cut workforce by 25%
In August 2024 Custodia announced a workforce reduction of 25% of its 36 employees (approximately 9 positions) to preserve capital.
Custodia case remains at appeals court
As of January 2025 the Custodia appeal was pending in the appeals court seeking reversal of the Fed's denial.
Key Achievement Ages
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