Ripple CEO criticizes U.S. pressure on the crypto industry, personal account terminated by Citibank

Ripple CEO Brad Garlinghouse revealed during an interview at the Fintech Week in Washington DC on 10/24 that due to his high profile in the crypto industry, Citibank terminated a 25-year-long partnership. Garlinghouse stated that this is part of the U.S. government's pressure on the cryptocurrency industry, leading banks to be unwilling to collaborate with individuals or companies involved in the crypto sector.

Crypto Insiders Facing "De-Banking," Garlinghouse's Personal Account Terminated by Citi

Garlinghouse claimed to be a victim of banks pushing crypto out. He stated that not only himself, but many others in the crypto industry are facing similar "de-banking" issues. Garlinghouse revealed that he had just been terminated by Citibank after a 25-year relationship, giving him five days to move his personal assets, acknowledging it was due to his prominence in the crypto industry, which pressured Citi from U.S. regulators.

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Criticizing U.S. Government's Crackdown on Cryptocurrency, Believing XRP ETF Will Eventually Launch

Garlinghouse criticized the Biden administration's cryptocurrency policies and SEC Chairman Gary Gensler in an interview. He claimed that Gensler's "terror reign" over the crypto industry has led to hostility from the U.S. Treasury and the Office of the Comptroller of the Currency (OCC) towards the crypto industry.

Regarding the upcoming U.S. presidential election, Garlinghouse stated that regardless of the election outcome, there may be improvements in future cryptocurrency policies, with the policy direction depending on the new government's selections at key agencies such as the SEC, Treasury, OCC, and CFTC, which will have a significant impact on crypto regulation. In addition to commenting on current policies, Garlinghouse also mentioned that the XRP ETF will eventually be launched.

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Urging U.S. Crypto Entrepreneurs to Leave the U.S.

Garlinghouse was asked for advice to crypto entrepreneurs in an interview. He suggested that due to high regulatory uncertainties in the U.S., entrepreneurs should consider establishing companies outside the U.S. However, Garlinghouse expressed sadness over these suggestions, as he hails from Kansas and has a deep love for the U.S., but he believes that setting up a crypto company in the U.S. currently poses too many regulatory risks.

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