{"id":40368,"date":"2024-10-29T05:58:03","date_gmt":"2024-10-29T05:58:03","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/ripples-brad-garlinghouse-forced-to-close-25-year-bank-account-due-to-crypto-scrutiny\/"},"modified":"2024-10-29T05:58:03","modified_gmt":"2024-10-29T05:58:03","slug":"ripples-brad-garlinghouse-forced-to-close-25-year-bank-account-due-to-crypto-scrutiny","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/ripples-brad-garlinghouse-forced-to-close-25-year-bank-account-due-to-crypto-scrutiny\/","title":{"rendered":"Ripple’s Brad Garlinghouse Forced to Close 25-Year Bank Account Due to Crypto Scrutiny"},"content":{"rendered":"

(Originally posted on : Crypto News – iGaming.org )<\/b>
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Ripple CEO Brad Garlinghouse<\/a> has shared his recent experience of being \u201cdebanked\u201d due to heightened regulatory pressure on cryptocurrency leaders. In an interview with CNBC, he recounted an unexpected call from a major bank he\u2019d held an account with for over two decades, instructing him to \u201cmove your money within five days.\u201d The bank was straightforward in explaining their decision, with Garlinghouse recalling them saying: \u201cYou are a notable person in crypto, and having notable people with crypto and banking the crypto industry means more scrutiny from federal regulators, so we don\u2019t want it.\u201d<\/em><\/p>\n

Examining the Growing Pressures on Crypto and Banking Relationships<\/h2>\n

While Garlinghouse has access to other banking options, he expressed concern about the implications if more banks adopt similar policies. \u201cImagine if you extrapolate that out in more banks, and if I actually was cut off in the banking system for the sole reason that I\u2019m the CEO of Ripple,\u201d<\/em> he added, referring to the increasing hostility toward crypto in the regulatory environment. He hinted at a potential policy shift, saying, \u201cI think no matter what happens in this next election, we\u2019ll have a reset.\u201d<\/em><\/p>\n

Recently, Garlinghouse confirmed that Citigroup Inc<\/a>. was the bank in question. Despite this challenge, he remains optimistic about the future and encourages U.S. fintech companies to consider overseas incorporation for regulatory stability. He noted that some international jurisdictions already provide clear guidelines for crypto operations, which the U.S. may one day regret not having offered.<\/p>\n

Addressing Ripple\u2019s current legal case with the U.S. Securities and Exchange Commission (SEC), Garlinghouse celebrated a recent legal victory. The court ruled that \u201cXRP in and of itself is not a security,\u201d<\/em> which Garlinghouse believes is a major milestone for the crypto industry. He criticized the SEC\u2019s inconsistent handling of cryptocurrencies, including Bitcoin and Ethereum, emphasizing the urgent need for coherent guidelines. This ruling, he said, underscores the importance of regulatory clarity for the future of blockchain and cryptocurrency innovation in the U.S.<\/p>\n<\/p><\/div>\n

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(Originally posted on : Crypto News – iGaming.org ) Ripple CEO Brad Garlinghouse has shared his recent experience of being \u201cdebanked\u201d due to heightened regulatory pressure on cryptocurrency leaders. In an interview with CNBC, he recounted an unexpected call from a major bank he\u2019d held an account with for over two decades, instructing him to […]<\/p>\n","protected":false},"author":34,"featured_media":40369,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[34],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/40368"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/34"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=40368"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/40368\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/40369"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=40368"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=40368"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=40368"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}