Ripple CEO Brad Garlinghouse has called for equal treatment of crypto companies and traditional financial institutions under existing laws and regulations. Speaking at DC Fintech Week, Garlinghouse emphasized the need for parity, particularly in areas like Anti-Money Laundering (AML) and Know Your Customer (KYC) compliance. He criticized the current disparity, highlighting the importance of access to financial structures such as a Federal Reserve master account for crypto firms.
Garlinghouse also addressed the challenges faced by crypto companies in obtaining national bank charters, citing opposition from traditional banks. Despite these hurdles, Ripple has applied for a national bank charter, following the lead of stablecoin issuer Circle. Meanwhile, the US Office of the Comptroller of the Currency has approved a charter for Erebor, a financial services company, potentially paving the way for more crypto-friendly banking services.
Ripple CEO Urges Equal Regulatory Treatment for Crypto and Traditional Finance
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