Ripple CEO Brad Garlinghouse stated at a recent conference that cryptocurrency companies should receive the same treatment as traditional financial institutions while adhering to the same laws and regulations.
Garlinghouse said on Wednesday at Washington's Fintech Week that it is unlikely that regulators will retract their policies after the departure of SEC Chairman Paul Atkins or U.S. President Donald Trump, who nominated the head of the agency.
However, he also criticized the disparity in treatment between cryptocurrency companies and traditional financial institutions like banks.
"One thing I ask everyone to do, whether you are a journalist or someone else, is to hold traditional finance accountable. Yes—I agree that the cryptocurrency industry should operate under the same standards for anti-money laundering (AML), know your customer (KYC), and Office of Foreign Assets Control (OFAC) compliance: Yes, yes, yes," Garlinghouse said. "We should have the same structural access, like a Federal Reserve master account. You can't say one thing and oppose the other."
As the regulatory environment under Trump and the SEC leadership seems to soften towards digital assets, companies like Ripple face the challenge of finding a balance between expansion and maintaining their role in the industry.
Garlinghouse stated in July that Ripple has applied for a national bank charter—following stablecoin issuer Circle—while Coinbase has been seeking a national trust company charter.
During the application process, several U.S. banking groups wrote to the Office of the Comptroller of the Currency (OCC), requesting the regulator to delay any decisions. These banks claimed that granting charters to companies like Ripple or Circle "would raise significant policy and procedural concerns."
"It is indeed a bit disappointing to see some traditional banks start lobbying against such things," Garlinghouse said on Wednesday regarding the charter. "If we want more stability, if we want clear regulation, having a Federal Reserve master account is actually a net positive for that […] operating under the same regulatory standards as banks."
On Wednesday, it was reported that the OCC approved a charter for Erebor, a financial services company backed by billionaire Peter Thiel. Although Erebor may take months to begin operations, this move could help fill the demand for banks to provide services to cryptocurrency companies and users.
Related: Bitwise: 48 new Bitcoin (BTC) reserve companies added in just three months
Original article: “Ripple CEO Calls for Equal Treatment of Traditional Finance and Cryptocurrency Companies”
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