Ripple Co-founder’s Bank Account Terminated, He Criticizes Biden Administration

Brad Garlinghouse heavily criticized the Biden administration’s current regulatory policies, while others criticized him over Ripple’s heavy donation to Kamala Harris.

Ripple is a San Francisco-headquartered blockchain firm, mainly known for its cross-border payment services and backing of the XRP Ledger (XRPL). Currently, Ripple’s co-founder Brad Garlinghouse serves as the CEO of this blockchain firm.

Recently, at DC Fintech Week, Ripple CEO Brad Garlinghouse revealed that he has been personally de-banked by CitiBank, citing his popularity as a crypto entrepreneur.

Garlinghouse sharply criticized the Biden administration’s current regulatory policies, stating that the crypto sector is under tremendous pressure. He also suggested that other crypto startups consider registering outside the United States to avoid regulatory uncertainty.

Ripple CEO Brad Garlinghouse said that Citibank terminated his personal banking business due to his popularity in the crypto field. He criticized the Biden administration’s regulatory policies and believed that the industry was under tremendous pressure. He suggested that crypto…

— Wu Blockchain (@WuBlockchain) October 24, 2024

Ripple Donates $10 Million+ to Democratic Party

s worth noting that the current U.S. government operates under the leadership of the Biden administration (Democratic Party). Just a week ago, Ripple donated $1 million to Democratic leader Kamala Harris to support her in the upcoming presidential election. Additionally, Ripple co-founder Chris Larsen clarified that he donated $10 million to Harris.

It’s time for the Democrats to have a new approach to tech innovation, including crypto. I believe @KamalaHarris will ensure that American technology dominates the world, which is why I’m donating $10M in XRP in support of her. https://t.co/vb9KJA87JK

— Chris Larsen (@chrislarsensf) October 21, 2024

Many people have pointed out the contradiction that while Ripple leaders are speaking out against the current ruling party, they are simultaneously supporting them with substantial donations.

Quick, donate another $10m to the same administration that you are criticizing

— Rob (@BobYoUncleAunt) October 24, 2024

Garlinghouse’s Neutral Stand

Just two days ago, Ripple’s CEO stated that he respects everyone’s decision regarding who they believe is best suited to lead the U.S. However, he personally clarified his opinion, stating that Ripple will continue to support both Democrats and Republicans in the final days of the campaigns (and after the election) to promote pro-crypto policies. Garlinghouse emphasized that this is not about politics but about supporting the advancement of cryptocurrency.

I respect Chris’ (and everyone’s!) right to support whomever they think is best to lead the U.S.

We need to immediately change course from this administration’s misguided war on crypto.

Ripple will continue to engage with both Democrats and Republicans in the final days of…

— Brad Garlinghouse (@bgarlinghouse) October 21, 2024

Read also: Crypto Critic Gary Gensler Acknowledges Bitcoin Whitepaper Anniversary, Vows to Continue Strict Enforcement Actions

Source link