RippleCEOBradGarlinghousehaspersonallybeenseveredfromalongtimebankingrelationshipbecausehe\'saprominentfigureincrypto,hetoldanaudienceinWashingtononWednesday.
\"Individualswithinthecryptoindustryarebeingde-banked,\"hesaidatDCFintechWeek.\"Ipersonallyhavebeende-banked.\"
GarlinghousetiedhisownexperiencetothewidertrendintheU.S.industrythat\'sstruggledtomaintainbankingtiesasregulatorshavecautionedinstitutionstolimittheircryptoinvolvement.
HelateraddedinaninterviewwithCoinDeskthattheinstitutionthatcuthimoffrecentlywasCitigroupInc.,withwhichhe\'dbeenacustomerforabout25years,hesaid.Andheaddedthatit\'snottheonlypersonalbankingrelationshiphe\'slostbecauseofhisroleincrypto.
\"Theysaid,\'Youhavefivedaystomoveyourmoney,\"hesaid.\"Theywereactuallysuperhonest.They\'relike,\'Look,youareanotablepersonincrypto,andhavingnotablepeopleincrypto,andbankingthecryptoindustrymeansmorescrutinyfromfederalregulators.\"
TheCEOwashighlycriticalofPresidentJoeBiden\'sadministrationinWashington,sayingSecuritiesandExchangeCommissionChairGaryGenslerhasleda\"reignofterror,\"andaccusingtheU.S.TreasuryDepartmentandbankingregulatorOfficeoftheComptrolleroftheCurrencyofbeing\"hostile\"totheindustry.HesaidthatwhicheverwaytheU.S.presidentialelectionsgonextmonth,thefutureforcryptopolicywillbebetter.
\"Nomatterwhathappens,we\'regoingtoseeareset,\"hesaid.
Healsosaidthatanexchange-tradedfund(ETF)peggedtothepriceofXRPwas\"inevitable\"duringhisremarks.
GarlinghouseandRipplehavebeenamongthechiefbackersoftheFairshakepoliticalactioncommittee,thepro-cryptogroupthathasbeenamongthedominantcampaign-financeforcesinthe2024elections.ApartfrompersonallysupportingthepoliticalopponentofSen.ElizabethWarren(D-Mass.),heisn\'tendorsingeithermajorU.S.politicalpartyandsaidhewaswearingapurpletieonWednesdayforareason.
Theprimaryindicatorofthenextadministration\'scryptostancewillbewhothepresidentappointsatagenciessuchastheSEC,Treasury,OCCandCommodityFuturesTradingCommission.
\"It\'llbetellingastowhatthedirectionoftravelisforthenextfouryears,\"Garlinghousesaid.\"Nomatterwhat,we\'regoingtoendupinabetterplace.\"\"WhenwelookbackonthisperiodoftimeintheUnitedStatesasitrelatestocrypto,it\'sgoingtolooklikeaspeedbump,\"hesaid.
Still,whenaskedwhatadvicehe\'dgivetoacryptostartuprightnow,hesaidtheyshouldincorporateoutsidetheU.S.\"Ihatesayingthat,\"hesaid.\"I\'llbehonest:IgrewupinKansas.I\'mapro-U.S.guy.\"
Buthesaidthere\'stoomuchuncertaintyaboutprotectingacompanyfrombeingsuedbyregulatorsintheU.S.,asRipplewasbytheSEC.
ACitispokespersondidnotimmediatelyreturnarequestforcomment.
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