TLDR
- Ripple CEO Brad Garlinghouse criticized Wall Street lobbyists for opposing crypto access to the U.S. banking system.
- He stated that crypto firms deserve the same access to Fed master accounts as traditional financial institutions.
- Ripple has applied for a Federal Reserve master account through its subsidiary Standard Custody and Trust Company.
- The company also submitted a national banking license application to the U.S. Office of the Comptroller of the Currency.
- Garlinghouse said some banks are now open to partnerships after years of resistance from regulators.
Ripple CEO Brad Garlinghouse has accused Wall Street lobbyists of blocking crypto firms from fair access to the U.S. banking system. He stated that financial institutions are resisting competition while benefiting from regulatory protections that crypto firms also seek. This comes as Ripple pushes for access to the Federal Reserve’s master account through its banking subsidiary.
Ripple CEO Slams Wall Street for Anti-Crypto Bias
Ripple CEO Garlinghouse has criticized Wall Street lobbyists for limiting crypto firms’ access to the U.S. Federal Reserve’s banking infrastructure. He argued that these lobbyists oppose granting crypto companies direct access to master accounts despite claiming support for fair regulation. Garlinghouse said, “It’s hypocritical, and we all should call them out for being anti-competitive in that regard.”
The Ripple CEO noted that crypto firms face obstacles despite being legally eligible for master account applications under U.S. banking laws. However, regulators have been slow to act on approvals, with no decisions announced on crypto applications filed in 2025. Garlinghouse added that some traditional banks are lobbying to protect their own interests, rather than prioritizing consumer safety.
Moreover, he emphasized that crypto firms want equal treatment, not special exemptions, and expect access to essential banking infrastructure. He highlighted that regulators expect compliance on illicit-finance rules but deny access to benefits like direct Fed accounts. “You can’t say one and then combat the other,” the Ripple CEO stated.
Ripple’s Banking Strategy and Push for Infrastructure Access
Ripple CEO confirmed that the company applied for a Federal Reserve master account through Standard Custody & Trust Company. The move is part of Ripple’s broader strategy to strengthen RLUSD by holding reserves directly with the Fed. At the same time, the company filed for a national bank license with the Office of the Comptroller of the Currency.
Garlinghouse explained that approval would bring greater transparency and security to RLUSD and the broader crypto ecosystem. He stressed that direct access to Fed systems helps reduce dependency on intermediaries and enhances institutional trust. “This step allows more regulatory oversight and risk control,” the Ripple CEO said.
Ripple is not alone in this effort. Circle has also applied for a national trust bank license to support its stablecoin USDC. Similarly, Anchorage Digital Bank filed a master account request to conduct settlements directly with the Fed.
RLUSD’s Market Growth Boosts Ripple’s Position
Ripple CEO highlighted RLUSD’s strong market performance, with the stablecoin crossing $800 million in total market capitalization. Trading volumes surged by 34% in the past 24 hours, now accounting for 18% of its market capitalization. These figures reflect growing adoption, reinforcing Ripple’s need for direct infrastructure access.
Garlinghouse noted that resistance from regulators previously hindered partnerships with financial institutions across the U.S. However, he said industry sentiment is shifting, and more banks are now open to collaboration. “Banks that ignored us three years ago are now leaning in,” the Ripple CEO said confidently.
Despite this progress, Ripple CEO continues to push for equal access, arguing that fair treatment will foster innovation and security. He insisted that crypto companies should meet all regulatory requirements and receive infrastructure benefits in return.
