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Cryptocurrency News Articles
Ripple CEO Brad Garlinghouse Confident of XRP ETF, Says SEC Chair Gary Gensler Has Led a “Reign of Terror”
Oct 24, 2024 at 05:13 pm
Ripple CEO Brad Garlinghouse has come clean about how top banking institutions like Citi Bank rejected to work with him just because of his crypto affiliation.
Ripple CEO Brad Garlinghouse has revealed that major banks, like Citi Bank, have refused to work with him due to his involvement in the crypto industry.
Key Points
During his speech at DC Fintech Week in Washington, Ripple CEO Brad Garlinghouse highlighted the issue of de-banking faced by individuals in the crypto industry. He personally encountered this problem, stating, “I personally have been de-banked.”
Highlighting the impact of the SEC vs Ripple lawsuit, which has been ongoing for nearly four years, Garlinghouse noted that the regulatory crackdown prevented banks from working with Ripple. Even some top crypto exchanges decided to delist XRP during this time.
Citi Bank recently decided to cut off Garlinghouse after banking with them for 25 years, as he disclosed during his speech. He added that the financial institution gave him five days to move his money, explaining that his involvement in the crypto industry brought more scrutiny from federal regulators.
Later in his speech, Garlinghouse criticized the Biden administration, particularly SEC Chair Gary Gensler, for leading a “reign of terror.” However, he expressed optimism regarding a change for the better, considering Vice President Kamala Harris’s previous promises on crypto. “No matter what happens, we’re going to see a reset,” he said.
The key signal of the next administration's approach to crypto will be the president’s appointments to agencies like the SEC, Treasury, OCC, and the Commodity Futures Trading Commission.
“No matter what, we’re going to end up in a better place. When we look back on this period of time in the United States as it relates to crypto, it’s going to look like a speed bump,” he concluded.
Ripple CEO Anticipates XRP ETF Approval
As Ripple advances in its ongoing legal battle with the US SEC, Garlinghouse expressed confidence in the eventual approval of a spot XRP ETF. He pointed to the strong inflows into spot Bitcoin ETFs so far, indicating a high demand from institutions and retail investors to access this asset class.
Earlier this month, Bitwise Asset Management Inc. became the first company to submit a filing to the SEC for an ETF that tracks XRP, the world’s seventh-largest digital token. Following this, Canary Capital Group, a digital asset-focused investment firm, also filed for the launch of its own Canary XRP ETF.
According to the Ripple CEO, the demand for crypto ETFs will lead to more institutional participation in the market. He added that this creates upward pressure on the prices for many different cryptos, including XRP, to the delight of many crypto holders.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
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