- Ripple’s CEO has revealed being “de-banked” by Citibank over his crypto ties.
- Brad Garlinghouse has criticized Biden’s tough stance on crypto.
- Despite setbacks, Garlinghouse has remained hopeful for better crypto regulation.
Ripple CEO Brad Garlinghouse shared a startling revelation during his speech at Washington DC Fintech Week: Citibank, where he had banked for 25 years, severed ties with him due to his crypto affiliations. This personal experience sheds light on a larger issue plaguing the crypto industry—de-banking.
Garlinghouse’s disclosure is just one part of a broader critique of the Biden administration’s approach to crypto. He described the administration’s industry handling as a “reign of terror,” particularly under SEC Chair Gary Gensler .
The Ripple CEO Faces De-Banking
Garlinghouse remains optimistic that the upcoming U.S. election could bring about a positive shift in regulatory attitudes toward crypto. However, Garlinghouse’s de-banking ordeal paints a troubling picture of how traditional financial institutions are responding to regulators’ pressure.
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According to Garlinghouse, Citibank gave him just five days to move his assets, citing his prominence in the crypto industry as the reason for their decision. This trend of de-banking isn’t isolated to Garlinghouse.
Many in the crypto space have faced challenges similar to those faced by banks, scrutinized by regulators like the SEC . Despite these difficulties, Garlinghouse remains confident that change is on the horizon, particularly with the outcome of the upcoming U.S. presidential election.
Ripple CEO Sees 2024 Election as Crypto’s Game Changer
Despite facing ongoing regulatory challenges, Garlinghouse expressed hope for a reset in the U.S. crypto landscape. He believes the key to this reset lies in either Donald Trump’s or Kamala Harris’s election.
While Trump has been vocal in supporting crypto, Harris has kept her stance more nuanced. Nevertheless, both candidates appear poised to push for a more favorable regulatory environment.
Garlinghouse emphasized that crypto will benefit from a fresh approach regardless of who wins. He believes the Biden administration’s hostile tactics will soon be left behind. Moreover, he pointed out that the president’s appointments to key agencies, such as the SEC, will be crucial in shaping future crypto policies.
On the Flipside
- Citibank’s decision to de-bank Garlinghouse highlights the increasing pressure on banks to distance themselves from crypto.
- An XRP ETF could expose institutional investors to Ripple’s native token, but regulatory approval remains uncertain.
- A post-election regulatory reset could improve conditions for the entire crypto industry.
Why This Matters
Garlinghouse’s personal experience with de-banking underscores a much larger issue: the growing divide between traditional finance and the crypto industry. As more crypto figures face banking restrictions, it’s clear that SEC regulatory hostility is having real consequences.
To learn more about the recent movement of XRP tokens by Ripple and its connection to the ongoing SEC lawsuit, read here:
Why Ripple Is Moving $109M in XRP as SEC Case Drags On
To learn more about the impact of the SEC lawsuit on XRP’s price and Ripple’s plans, read here:
Why Ripple’s Next Move Could Be Its Biggest Yet for XRP
