- Brad Garlinghouse’s bank account closure reflects increasing regulatory scrutiny in the U.S. cryptocurrency sector
- The move raises concerns about the legality of banking practices targeting crypto leaders
- Garlinghouse warns of a potentially hostile banking environment for those in the crypto industry
The CEO of Ripple revealed that his 25-year bank account was closed due to his role as a leader of a crypto company, highlighting the increasing regulatory pressures and uncertainties of U.S. policies.
Ripple’s CEO, Brad Garlinghouse, disclosed that he has recently been deprived of banking services, citing a rise in regulatory scrutiny affecting figures within the cryptocurrency sector. In an interview with CNBC, he recounted:
“I personally have been deprived of banking services. I received a call not long ago from one of the major banking institutions where I had an account for 25 years, and they told me, ‘You have 5 days to move your money.’”
Questioning the rationale, Garlinghouse stated that the bank was clear about the reason.
While noting that there are other banks willing to serve him, he emphasized, “Imagine if this were to extend to more banks, and if you were actually excluded from the banking system just for being the CEO of Ripple.”
This is a hostile attitude, and I think that regardless of what happens in these upcoming elections, we will have a reset.” Later, he confirmed that the institution involved was Citigroup Inc.
Conclusion
In conclusion, the closure of Brad Garlinghouse’s bank account highlights the increasing regulatory pressures and uncertainties facing leaders in the crypto sector in the United States.
This situation raises questions about the legality of such practices and the access of key figures in the industry to banking services, underscoring a growing hostile climate toward the cryptocurrency industry.
