CandleFocus Ripple CEO Loses Bank Account After 25 Years, Given 5 Days to Withdraw Funds
2024-10-28
Author: Content Editor
Ripple CEO Brad Garlinghouse revealed in a recent interview that his bank account was closed due to his involvement in the crypto industry. The bank cited increased regulatory scrutiny and the potential for more scrutiny from federal regulators as the reason for their decision. Garlinghouse criticized the move, calling it a hostile administration, and expressed optimism for future regulatory changes after the next election that could create a more favorable environment for crypto innovation. He advised U.S.-based fintech companies to consider foreign incorporation to ensure regulatory stability. Garlinghouse also addressed Ripple's legal dispute with the SEC, highlighting a court decision that ruled Ripple's XRP token is not a security. He called for clearer and more reliable guidelines from the SEC for regulating cryptocurrencies.
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