Ripple CEO Loses CitiBank Account, Criticizes Biden Administration

• CitiBank closed Ripple CEO Brad Garlinghouse’s account over his crypto ties, citing regulatory concerns.
• Garlinghouse criticized the Biden administration and SEC’s Gary Gensler for a hostile crypto stance.
• Ripple’s political donations spark backlash as Garlinghouse’s critique contrasts with co-founder Chris Larsen’s support for Kamala Harris.

Ripple CEO Brad Garlinghouse recently revealed that CitiBank closed his account, a financial institution with which he had ties for the past 25 years.

Garlinghouse shared that CitiBank pointed to his visibility in the crypto space as the reason, noting that his association with the crypto industry brought potential regulatory challenges the bank wanted to avoid. He criticized President Biden’s administration, suggesting that its policies are creating unnecessary hurdles for crypto leaders.

Garlinghouse Calls Out Biden and SEC’s Hostile Crypto Policies

In a CNBC interview, Garlinghouse questioned what he described as the “hostile administration” and expressed frustration over CitiBank’s decision. He indicated that the bank had been candid about closing his account due to his crypto involvement, which attracted regulatory scrutiny. Calling the move illegal, he further highlighted the challenges leading crypto figures may face in maintaining banking ties.

Read also: Brad Garlinghouse on Ripple’s Share Buyback, SEC Lawsuit, and Future Plans

Garlinghouse directed sharp criticism toward SEC Chair Gary Gensler, accusing him of leading an aggressive campaign against the crypto sector. He also expressed concerns about the U.S. Treasury Department and the Office of the Comptroller of the Currency (OCC), describing both as hostile toward the industry.

Despite his grievances, Garlinghouse voiced optimism about future regulatory changes. He suggested that the upcoming election could bring a shift in U.S. policy that would benefit the crypto landscape. “I believe no matter what happens in the next election, we’ll have a reset,” he remarked.

Meanwhile, Ripple, including Garlinghouse, faced criticism from the crypto community for its substantial donation to Democratic presidential candidate Kamala Harris. Ripple recently contributed $1 million to her campaign, while Ripple co-founder Chris Larsen made a separate $10 million donation, explaining that he believed Harris could reshape the regulatory environment.

The donations have sparked criticism from community members. They questioned Ripple’s position, pointing out the contrast between Garlinghouse’s criticisms of the Biden administration and Larsen’s support for the Democratic campaign.