Ripple's CEO said his 25-year-old bank account was canceled owing to his crypto business position, highlighting increased regulatory constraints and unclear U.S. regulations.

Ripple CEO Brad Garlinghouse said he was debanked because to greater regulatory monitoring of bitcoin statistics.

Garlinghouse said the bank responded honestly when questioned. “They were actually super honest,” the Ripple CEO stated, describing the bank as saying: “Look, you are a notable person in crypto, and having notable people with crypto and banking the crypto industry means more scrutiny from federal regulators, so we don’t want it

“Now, that’s illegal,” he said. Although other banks would bank him, he said, “Imagine if you extrapolate that out in more banks, and if I was cut off in the banking system for the sole reason that I’m the CEO of Ripple. I believe we'll reset regardless of the next election since that government is unfriendly. He later informed Coindesk that Citigroup Inc. was engaged.

Garlinghouse predicted a shift in U.S. policy after the next election, which might boost crypto innovation. He advised U.S. fintech businesses to incorporate abroad for regulatory stability, noting that numerous countries currently give better guidelines. Garlinghouse also highlighted that the U.S. may discover it missed a strategic opportunity by not adopting blockchain technology as important to the changing financial environment.

He noted a court ruling that “XRP in and of itself is not a security” in Ripple's legal struggle with the SEC, which Garlinghouse dubbed a major crypto sector victory. He also questioned the SEC's uneven regulation of bitcoin and ethereum, calling for clearer, more dependable principles.