- Garlinghouse has expressed a positive attitude towards future regulatory changes and predicted a shift in the policy of the United States.
- This is an adverse administration and in my opinion no matter what happens in the upcoming election- Garlinghouse.
- The CEO further noted that the United States may realize soon the gone strategic opportunity in not completing to include blockchain technology.
The chief executive officer of Ripple, Brad Garlinghouse, gave a shock by revealing that he was debanked in recent times. The reason for this was quoted regulatory scrutiny which has somehow affected the crypto industry.
The CEO gave an interview to CNBC in which he mentioned that, “I have been debanked in person. Recently, I received a call from one of the leading banking institutions. They asked to shift the money from my account, active since 25 years and gave a timeline of 5 days.
The adverse administration
Garlinghouse has questioned the reason and mentioned that the bank was straightforward about the reason. He further mentioned that, “they were actually super honest.” The chief executive officer cited the bank and said that: “See, you are a remarkable person in the crypto industry, and being a remarkable person in the crypto as well as banking industry results in more scrutiny from federal regulators, and we do not want it.”
At the same time, he noted that other banks will bank him and highlighted that, “Assume if you generalize that out in more banks, and if I really was interrupted in the banking system for the only reason that I am the Chief executive officer of Ripple.
This is an adverse administration and in my opinion no matter what happens in the upcoming election, we will have a reconstituted regime. After this he gave a confirmation to a media outlet associated with the crypto industry that Citigroup Inc. was an organization involved.
Positive attitude towards future regulatory changes
Garlinghouse has expressed a positive attitude towards future regulatory changes and predicted a shift in the policy of the United States backing the next election, which in his belief could provide a more positive environment for crypto innovation.
Giving advice to financial and technology companies based in the United States, he said that they think about foreign incorporation to make sure about regulatory stability, and a lot of jurisdictions have so far given more transparent guidance for the sector.
The CEO further noted that the United States may realize soon the gone strategic opportunity in not completing to include blockchain technology as needful to the developing financial landscape.
Mentioning the ongoing legal dispute of Ripple with the United States Securities and Exchange Commission (SEC), he threw a light over an important court decision, which ruled XRP in and of itself is not a security”. Garlinghouse referred to this decision as a pivotal win for the crypto industry.
He has also attacked the SEC’s contrary approach to leading crypto such as bitcoin and ethereum, highlighting the need for more transparent and secured guidelines.
