Ripple’s Garlinghouse: XRP Was a Top Digital Asset Before SEC Scrutiny

November 18, 2024 William Ross Cryptocurrency News, Finance 0

  Ripple CEO Brad Garlinghouse Loses 25-year bank account amid rising crypto check, calling attention to regulatory challenges faced by crypto leaders in traditional finance. In a significant turn of events, Ripple CEO Brad Garlinghouse recently revealed that Citigroup Inc. terminated his bank account of 25-years, giving him only five days to withdraw his funds. The reason? His high- profile role in the crypto industry. This account closure highlights the increasing regulatory pressures faced by executives in the cryptocurrency space, as traditional banks grow associations with notable crypto figures. In a statement, Garlinghouse shared the bank’s reasoning stating,”They were actually super honest, saying “ look you are a notable people with crypto, and having notable people with crypto and banking the crypto industry means more inspection from federal regulators, so we don’t want it. ”While Garlinghouse noted that other banks are willing to provide services, he expressed concern that if more institutions take a similar stance, crypto leaders might struggle to retain access to traditional banking services. Ripple’s Ongoing Legal Battle with the SEC The bank’s action comes as Ripple faces regulatory challenges in the U.S., most notably in its high-profile case against the U.S. Securities and Exchange Commission (SEC). Recently, a court ruled that XRP is not a security, a decision Garlinghouse praised as a” pivotal win for the crypto industry” However, he criticised the SEC's consistent regulatory bearing on assets like Bitcoin and Ethereum, urging for more transparent guidelines to support the cryptocurrency market’s growth. Looking Forward: The Future of the U.S. Crypto Policy Despite these challenges, Garlinghouse expressed optimism that the U.S. cryptocurrency policies may shift after the upcoming election, potentially creating a more favourable environment for crypto innovation. He advised establishing operations abroad, where regulatory frameworks may be more accommodating. Garlinghouse further warned that the U.S. could miss out on critical advancement in Blockchain Technology. If it fails to support  the sector effectively.

Brad Garlinghouse, CEO of Ripple, recently emphasized the powerful impact of regulatory actions on the cryptocurrency market.

“Before the SEC got involved in the crypto markets, XRP was the second most valuable digital asset!” – His statement underscores the challenges faced by XRP and the broader crypto community due to increased scrutiny from the U.S. Securities and Exchange Commission (SEC).

The Rise and Fall of XRP

XRP, once a leading digital asset, experienced a dramatic shift in its market position following the SEC’s intervention. Garlinghouse’s remarks highlight the pivotal role that regulatory bodies play in shaping the future of cryptocurrencies.

“The crypto industry has embraced Trump, Trump has embraced the crypto industry,” Garlinghouse noted, reflecting on the changing political landscape and its potential benefits for the crypto sector.

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Regulatory Challenges and Market Impact

The ongoing legal battle between Ripple and the SEC has been a significant factor in XRP’s fluctuating value. Despite these challenges, XRP has shown resilience, with recent market trends indicating a potential resurgence.

“The United States SEC has been manipulating and putting pressure on these US companies, US technologies, and now that pressure comes off and they explode upwards,” Garlinghouse added, pointing to the positive market response following regulatory shifts.

Future Prospects for XRP

Looking ahead, Garlinghouse remains optimistic about XRP’s potential. The cryptocurrency’s recent performance suggests a promising future, especially with the anticipated easing of regulatory pressures.

“XRP, BTC, ETH, SOL—that’s the alphabet soup I like to see,” Garlinghouse quipped, expressing his enthusiasm for the diverse and dynamic nature of the crypto market.

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  Ripple CEO Brad Garlinghouse Loses 25-year bank account amid rising crypto check, calling attention to regulatory challenges faced by crypto leaders in traditional finance. In a significant turn of events, Ripple CEO Brad Garlinghouse recently revealed that Citigroup Inc. terminated his bank account of 25-years, giving him only five days to withdraw his funds. The reason? His high- profile role in the crypto industry. This account closure highlights the increasing regulatory pressures faced by executives in the cryptocurrency space, as traditional banks grow associations with notable crypto figures. In a statement, Garlinghouse shared the bank’s reasoning stating,”They were actually super honest, saying “ look you are a notable people with crypto, and having notable people with crypto and banking the crypto industry means more inspection from federal regulators, so we don’t want it. ”While Garlinghouse noted that other banks are willing to provide services, he expressed concern that if more institutions take a similar stance, crypto leaders might struggle to retain access to traditional banking services. Ripple’s Ongoing Legal Battle with the SEC The bank’s action comes as Ripple faces regulatory challenges in the U.S., most notably in its high-profile case against the U.S. Securities and Exchange Commission (SEC). Recently, a court ruled that XRP is not a security, a decision Garlinghouse praised as a” pivotal win for the crypto industry” However, he criticised the SEC's consistent regulatory bearing on assets like Bitcoin and Ethereum, urging for more transparent guidelines to support the cryptocurrency market’s growth. Looking Forward: The Future of the U.S. Crypto Policy Despite these challenges, Garlinghouse expressed optimism that the U.S. cryptocurrency policies may shift after the upcoming election, potentially creating a more favourable environment for crypto innovation. He advised establishing operations abroad, where regulatory frameworks may be more accommodating. Garlinghouse further warned that the U.S. could miss out on critical advancement in Blockchain Technology. If it fails to support  the sector effectively.Ripple CEO Garlinghouse Loses 25-Year-Old Bank Account Due to Crypto Ties Ripple Chief Monica Long Makes the Case for Crypto in the New York TimesRipple CEO Brad Garlinghouse Celebrates Hinman Documents Release: ‘Well Worth the Wait’ SEC Chair Gensler Faces Backlash from Ripple CEO Brad Garlinghouse over Crypto Securities ClassificationSEC Chair Gensler Faces Backlash from Ripple CEO Brad Garlinghouse over Crypto Securities Classification Brad Garlinghouse xrp ripple (1)Ripple CEO Garlinghouse Slams SEC as XRP ETFs Gain Traction XRP Skyrockets 26% Following New York Judge’s Ruling in SEC LawsuitRipple CEO Garlinghouse Criticizes SEC Chair’s Crypto Remarks – ‘Gensler Will Cause Biden to Lose the 2024 Election’ XRP Price to Hit New All-Time Highs as XRPL Adoption Goes MainstreamRipple vs SEC Latest: Brad Garlinghouse: ‘We Are Confident We Will Win’ Ripple CEO and General Counsel Slam SEC in Twitter Rant Amid Ongoing LawsuitRipple CEO and General Counsel Slam SEC in Twitter Rant Amid Ongoing Lawsuit Body of Water Near City BuildingsOSL Partners Led 88% of Trading in Hong Kong’s Spot Digital Asset ETFs
William Ross
About William Ross 280 Articles
I am a cryptocurrency enthusiast and writer with over five years of experience in the industry. I have been following the development and innovation of Bitcoin and Ethereum since their inception, and I enjoy sharing my insights and analysis with readers. I have written for various reputable platforms, such as CoinDesk, Cointelegraph, and Decrypt, covering topics such as market trends, regulation, security, and adoption. I believe that cryptocurrency is the future of finance and technology, and I am passionate about educating and informing people about its benefits and challenges.

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