TechFlow news, October 24 — According to CoinDesk, Ripple CEO Brad Garlinghouse revealed at the Washington DC Fintech Week event that his personal bank accounts were terminated due to his prominence in the cryptocurrency industry. Garlinghouse stated that Citigroup gave him only five days to move his funds, citing that "being a high-profile figure in the crypto sector attracts greater scrutiny from federal regulators."
Garlinghouse criticized the Biden administration for its hostile stance toward the crypto industry, accusing SEC Chair Gary Gensler of leading a "reign of terror." He anticipates a reset in crypto policy regardless of the U.S. election outcome, emphasizing that the key will be the president's appointments to agencies such as the SEC and the Treasury Department.
While Garlinghouse supports pro-crypto organizations like the Fairshake Political Action Committee, he said he will not publicly back any major political party. For crypto startups, he advised registering outside the United States to avoid regulatory risks similar to Ripple's lawsuit by the SEC.
