Ripple CEO Brad Garlinghouse claims Citibank cut him off due to his close ties with crypto

Ripple’s CEO, Brad Garlinghouse, was de-banked by a U.S.-based banking institution, Citibank. The crypto executive emphasized that the bank de-banked him for his close ties and prominence in the crypto industry. 

Ripple’s Chief Executive Officer, Brad Garlinghouse, once again found himself in the jaws of regulators after being de-banked by Citibank. Garlinghouse stated that the banking institution ended their long-term relationship because of his influence and prominence in crypto. He revealed the termination of the relationship while speaking at DC Fintech Week.

Ripple CEO  blames the U.S. SEC for being de-banked by Citibank

Brad said that banking institutions have also de-banked other crypto participants. He blamed the overall trajectory of the U.S. Securities and Exchange Commission (SEC), which has struggled to regulate the crypto industry. Brad detailed that regulators have warned institutions to limit their involvement in the crypto space.

Brad said the bank was open and honest about terminating the 25-year relationship. He said Citibank claimed the reason for terminating the relationship was that he was a notable figure in crypto. 

According to Citibank, his prominence could attract regulatory scrutiny. Brad said the bank gave him five days to look for banking services elsewhere and move his money. Brad also highlighted that, apart from Citibank, other banking institutions have distanced themselves from him.

The CEO has been a vocal critic of the Bidden-Harris administration and how it has governed crypto regulations in the last four years. While speaking in Washington, Brad said Gary Gensler, the chair of the U.S. SEC, has led the institution in a “reign of terror” against the industry. 

He also criticized the U.S. Treasury Department and the Office of the Comptroller of the Currency (OCC) for displaying hostility against the industry. Brad added that the U.S. crypto policies will improve regardless of who assumes office after the November 5th elections. 

Garlinghouse advises crypto start-ups to incorporate outside the U.S.

Brad Garlinghouse mentioned that XRP ETFs are inevitable and encouraged crypto start-ups in the jurisdiction to incorporate outside the U.S. He referenced the years-long legal battle between Ripple and the U.S. SEC and added that there was too much uncertainty in the U.S. when protecting a company from legal apprehension by U.S. regulators.

Brad maintained a neutral stand, and he is not endorsing any major political party. However, he defended Ripple’s co-founder Chris Larsen, who received heavy backlash from the crypto community for announcing a $10 million XRP donation to Democratic presidential candidate Kamala Harris. Kamala Harris’ stance on crypto was largely uncertain and unpredictable until recently when her campaign pledged to protect crypto in a bid to win votes from the black male community. 

She is part of the Bidden administration, which has been criticized by the U.S. SEC for poor crypto regulatory oversight. On the other hand, Republican presidential candidate Donald Trump promised to consult experts in the field to ensure crypto-friendly policies are implemented to foster the industry’s growth. The presidential aspirant spoke at the Bitcoin Conference 2024 and promised to make the U.S. the global crypto hub, ahead of competitors like China.