Ripple’s CEO Brad Garlinghouse De-Banked by Citigroup After 25 Years
Recently, Brad Garlinghouse, the CEO of Ripple, revealed that he was de-banked by Citigroup Inc., a bank he had been with for 25 years. The reason? His involvement in cryptocurrency. This move by Citigroup reflects a larger trend in the U.S. banking industry, where financial institutions are distancing themselves from individuals and businesses associated with cryptocurrencies due to regulatory pressure.
Garlinghouse Criticizes U.S. Crypto Regulations
Garlinghouse has not remained silent about his thoughts on the matter. He specifically called out the Biden administration, particularly Gary Gensler, the head of the SEC, for what he described as a “reign of terror” over the crypto industry. He also criticized the U.S. Treasury and the Office of the Comptroller of the Currency (OCC) for making it challenging for crypto businesses to operate. Despite these challenges, Garlinghouse remains hopeful that the 2024 election could bring about positive changes for the industry.
XRP ETF: Potential Game-Changer
Garlinghouse hinted at the possibility of an XRP Exchange-Traded Fund (ETF) in the future. If this materializes, it could open up new avenues for Ripple’s XRP to enter traditional financial markets. This move has the potential to reshape how XRP is perceived and utilized, ultimately driving mainstream adoption of the cryptocurrency.
Considering Setting Up Crypto Startups Outside the U.S.
Despite the potential for positive developments in the industry, Garlinghouse advised crypto startups to consider establishing their operations outside the U.S. The regulatory landscape in the country is volatile and unpredictable, as evidenced by Ripple’s legal battle with the SEC. While Garlinghouse expressed regret in making this suggestion, he emphasized the importance of safeguarding businesses from regulatory risks.
As the crypto industry progresses towards 2024, all eyes are on the potential shifts in U.S. policies, particularly those related to cryptocurrency. While the future remains uncertain, significant changes may be on the horizon.