Ripple CEO Brad Garlinghouse recently shared that his longstanding bank account was abruptly closed due to his involvement in the cryptocurrency industry, spotlighting intensifying regulatory hurdles in the U.S. In an interview with CNBC, Garlinghouse explained that a major banking institution, which he had used for 25 years, called him with an ultimatum to withdraw his funds within five days. According to Garlinghouse, the bank cited increased scrutiny from federal regulators over crypto’s perceived risks, leaving it wary of banking prominent figures in the sector.
Garlinghouse criticized the move, suggesting that if such actions became widespread, they could unfairly isolate crypto leaders from the traditional banking system. However, he expressed hope that U.S. regulatory attitudes could shift post-election, fostering a more balanced environment for crypto. He highlighted Ripple's recent legal victory over the SEC, which ruled that XRP isn’t a security, as a milestone for the crypto community’s push for clarity.
Conclusion
Garlinghouse’s experience underscores the strained relationship between crypto and traditional financial institutions, signaling the need for transparent regulations that protect innovation without stifling financial freedom.
Takeaways:
Crypto Scrutiny: U.S. banks face pressure to limit services to high-profile crypto figures.
Future Optimism: Garlinghouse predicts more favorable crypto regulations after the next election.
Ripple's SEC Win: The court’s ruling on XRP marks a significant step toward regulatory clarity.
Source: Bitcoin.com
#BinanceBlockchainWeek #USJoblessClaimsDip #BTCETFDemandSurge #CryptoPreUSElection #BTC67KRebound