In an interview with CNBC, Garlinghouse stated that he has recently been denied banking services. Specifically, he received a call from a major bank, where he had maintained an account for 25 years, informing him that he only had 5 days to move his funds.
When asked about the reason, Garlinghouse said the bank was very straightforward:
'They said, 'You are a prominent figure in the cryptocurrency industry, and providing services to you would lead to stricter scrutiny from federal regulators. Therefore, we cannot continue to serve you.'
'This is completely illegal,' he emphasized.
Although some other banks are still willing to support him, Garlinghouse warned that:
'If this situation spreads to many other banks and if I am cut off from the banking system simply because I am the CEO of Ripple, that would be a hostile policy. I believe that regardless of the outcome of the upcoming elections, we will see a restructuring.'
He confirmed that the bank taking this action is Citigroup Inc.
Believing in positive changes in the regulatory environment, Garlinghouse predicts that the U.S. will adjust its policy after the elections, promising a more favorable environment for innovation in the cryptocurrency sector. He advises fintech companies in the U.S. to consider establishing themselves in other countries to ensure legal stability, while emphasizing that some jurisdictions currently provide clear guidance for the industry. Garlinghouse also pointed out that the U.S. may miss strategic opportunities by not embracing blockchain technology as an important part of the evolving financial system.
Regarding the legal dispute between Ripple and the U.S. Securities and Exchange Commission (SEC), he emphasized the court's important ruling that 'XRP is not a security by itself' – a victory that Garlinghouse considers a significant step for the cryptocurrency industry. He also criticized the inconsistency in how the SEC regulates currencies like Bitcoin and Ethereum, while calling for more transparent and reliable guidelines.
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