Brad Garlinghouse, the CEO of Ripple Labs, called Wall Street Banking lobbyists sought to prevent movement of his company and other crypto companies in the banking sector and the so -called Federal Reserve master account.
The crypto sector “should be held in the same standard” in the protection of money-laundering and other forbidden financial care as traditional financial businesses, Gurlinghouse told to DC FinTech Week On Wednesday, the banks agreed with traditional banks at that point. But the industry – as a result – “must have the same access to the infrastructure, just like a Fed master account.”
“You can’t say one and then fight the other,” Garlinghouse said of the demands to hold crypto to similar regulatory standards. “It’s hypocritical, and I think we all should call them for being anti-competing in that regard.”
Fed Master Accounts will allow crypto companies more seamless integration with the US financial system and directly access central bank systems – a benefit to the basic traditional banking. But they’ve run Fed acquisition challenges to provide such accessor even explain how to get it.
Ripple recently applied for a master account by standard affiliated custody & trust co – a New York Trust – at the same time the well -known crypto firm also asked for a federal banking charter From the COMPTROLLER office of money in July.
Garlinghouse’s company, which recently Delved in the field of Stablecoin’s releasesBanks say they are finally serious after years of poverty in which resistance from US regulators has made financial companies hesitant to engage.
“I had meetings yesterday in New York City, where banks that could not talk to us three years ago are now leaning and saying, how can we be around it?” He said it was confirming that these conversations were involved in Ripple’s Stablecoin’s efforts, known as RLUSD.
He said providing crypto companies such as the Ripple and Circle Master Account would contribute to greater stability, regulation management and risk reduction.
“It’s a bit frustrating to see some of the traditional banks starting to go to the sides like this,” Gartlinghouse said.
