Recently, it was learned that the American bank, Citibank, closed the account of Ripple CEO Brad Garlinghouse. According to the financial institution, this measure was carried out to avoid problems with the regulatory authorities of the North American country. Thus, the executive’s relationship with cryptocurrencies would be the reason for banning the businessman’s account.
This account blocking is a confirmation of the correctness of the crypto positions related to decentralization. Although many defend centralization and describe as anarchists those who fear that the State could take their money, the facts speak for themselves.
Any citizen’s funds can basically be confiscated if they are in the custody of third parties such as banks. According to the businessman, the person responsible for this enormous hostility towards the crypto sector is due to the approach of the Securities and Exchange Commission (SEC). Under the administration of Gary Gensler, the Commission waged an uncompromising war against the Cryptocurrency world.
In the particular case of Ripple, this firm has had a legal battle against the agency since 2020. Although the crypto company has the advantages in the case, financial institutions fear that a defeat in the courts could affect them. Hence Citibank’s decision to close the Ripple CEO’s account.
Ripple CEO attacks authorities
During an interview with the CNBC portal, Garlinghouse criticized the current administration of the SEC. This critical stance towards the agency differs from the firm’s political position in support of Democratic candidate Kamala Harris. It was learned that Ripple co-founder Chris Larsen contributed about $10 million to the current vice president’s campaign. Ripple separately donated $1 million.
This support from Larsen and Ripple generated criticism and surprise among the crypto community. In any case, Garlinghouse said he felt frustrated and noted that world leaders face great challenges when it comes to maintaining relationships with financial institutions. Despite this, he stressed that he continues to feel optimistic about the future.
In his opinion, 2025 will be positive and will bring big changes in the crypto world. “I think no matter what happens in the next election, we will have a reset,” he expressed during the aforementioned interview with CNBC. Basically, for the businessman it is indifferent who the next president of the United States is, since the outcome will be satisfactory for the crypto world with any of them.
Garlinghouse’s bet may be disconcertingly optimistic, considering that his company has been shaken by the current administration since 2020. It should not be lost sight of that the Democratic presidential candidate is the current vice president of the country.
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