CandleFocus Citibank Debanked Ripple's Brad Garlinghouse Due to Crypto, Exec Says
2024-10-23
Author: Content Editor
Ripple CEO Brad Garlinghouse revealed that he has been "de-banked" by Citigroup Inc., his longtime banking partner, due to his involvement in the crypto industry. Garlinghouse stated that individuals within the crypto industry are facing difficulties in maintaining banking relationships as regulators advise institutions to limit their crypto involvement. He criticized the Biden administration and regulators such as the SEC, Treasury, and OCC, calling them "hostile" to the industry. He also expressed confidence that the future of crypto policy will improve, regardless of the outcome of the presidential elections. Garlinghouse believes that an exchange-traded fund (ETF) based on XRP is inevitable and advised crypto startups to incorporate outside the United States due to regulatory uncertainty.
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