During a recent appearance at DC Fintech Week, Ripple CEO Brad Garlinghouse disclosed that he had been severed from a long-standing banking relationship with Citibank due to his prominent role in the crypto industry. Garlinghouse stated that he was given a five-day notice to transfer his funds, with the bank citing increased scrutiny from federal regulators as the reason for their decision. He criticized the current U.S. administration's stance on crypto, accusing the Securities and Exchange Commission of leading a 'reign of terror' and expressing optimism that the future of crypto policy will improve regardless of the outcome of the upcoming presidential elections.
Garlinghouse also predicted that an exchange-traded fund pegged to the price of XRP is 'inevitable' and advised crypto startups to incorporate outside the U.S. due to regulatory uncertainty.