- Ripple CEO Brad Garlinghouse has claimed that he was recently “de-banked” by Citi over his crypto ties
- Garlinghouse warned that others will face such discrimination from the traditional finance sector
- The CEO also claimed that an XRP ETF is “inevitable”
Ripple CEO Brad Garlinghouse has claimed that Citi dropped him as a customer because of his high-profile ties to the crypto space. Garlinghouse told an interviewer at DC Fintech Week that he had been “personally…de-banked” and warned that other Individuals within the crypto industry are facing the same discrimination. At the conference, Garlinghouse also said that an XRP ETF was “inevitable” following those for Bitcoin and Ethereum.
De-banking is Crypto-motivated
During his address, Garlinghouse expressed his frustration at the attitude of traditional banks, pointing out that this type of action is becoming more common among large financial institutions:
Individuals within the crypto industry are being de-banked, not for any wrongdoing, but simply because they are involved in this industry.
The CEO’s concerns reflect a broader fear that traditional financial systems are increasingly hostile toward the cryptocurrency sector, even as the industry pushes for regulatory clarity and legitimacy.
Garlinghouse’s situation with Citi may have an extra edge, however, given Ripple’s high-profile legal battle with the U.S. Securities and Exchange Commission (SEC) over the classification of XRP, Ripple’s cryptocurrency. Despite securing some legal victories, Garlinghouse has frequently criticized regulators for the lack of clear guidelines for crypto businesses, which has led to increased scrutiny and, in cases like his, severed ties with long-standing financial partners.
Political Landscape Changing
On a brighter note, Garlinghouse claimed that an XRP ETF was “inevitable,” adding that the shift in the U.S. political landscape, whichever way the election goes, will be a good thing for the country. Garlinghouse was highly critical of President Joe Biden’s administration, saying SEC Chair Gary Gensler has led a “reign of terror,” and accusing the U.S. Treasury Department and banking regulator Office of the Comptroller of the Currency of being “hostile” to the industry.
For the first time in history, both presidential candidates have talked up the potential for the digital asset sector, with Republican nominee Donald Trump stating that he will fire Gensler as one of his first acts if he is elected president.
