Ripple’s CEO urges that the company be held to the same regulatory standards as traditional banks, as it awaits a decision on its national charter from the OCC.
Brad Garlinghouse, CEO of Ripple Labs, called for cryptocurrency companies to be held to the same regulatory standards as traditional banks, particularly regarding anti-money-laundering and compliance measures. Ripple has applied for a national charter with the OCC and a Federal Reserve master account, aiming to access the U.S. banking infrastructure. Garlinghouse criticized Wall Street’s resistance to crypto firms accessing Fed accounts, framing it as anti-competitive. Ripple’s stablecoin initiative, RLUSD, has also garnered increased interest from banks. Separately, global crypto trading volumes fell 17.5% in September, but open interest reached a record $230 billion.