Oh, what a curious tale! Ripple CEO Brad Garlinghouse, a man with a twinkle in his eye and a frown on his face, has taken to shouting at the clouds (or should I say, the regulators?) about the *terrible* gap between crypto firms and traditional banks. According to this clever chap, the rules are as fair as a crocodile in a sock factory-strict for crypto, but wobbly for the old guard. 🦄
Garlinghouse Urges Regulators To Apply Equal Standards To Crypto And Banks
At DC Fintech Week, which sounds like a wacky convention for people who think money is a magic trick, Garlinghouse waved his wand (or is it a spreadsheet?) and declared that crypto companies face stricter reviews than a toddler in a candy store. Even when they follow the *exact* same rules as banks-like Anti-Money Laundering (AML), Know Your Customer (KYC), and Office of Foreign Assets Control (OFAC)-they’re treated like mischievous muppets. 🧙♂️
He also hinted that changing leaders, like at the SEC or the White House, is as useful as a chocolate teapot. The real issue, he insists, is having one set of rules for everyone. “Let’s not play favorites,” he says, “unless we’re talking about cake.”
Ripple Awaits National Charter As Industry Pressures Mount On Regulators
Ripple is currently waiting for a decision on its national bank charter, which it applied for in July. If approved, it could be the key to unlocking the U.S. financial system’s secret garden. But some U.S. banking groups, who seem to enjoy hoarding all the toys, have asked the OCC to delay or stop this “madness.” 🐷
They claim granting charters to digital asset firms like Ripple would create “policy and procedural challenges.” Which is just a fancy way of saying, “We don’t want to share our monopoly with the kids.”
Garlinghouse, ever the optimist, believes crypto firms should have the same access to financial tools as traditional banks. “Why should we be stuck with a paperclip while they have a whole desk?” he asks, sipping a cup of existential dread. 🧃
Traditional banks want to keep control, while crypto firms like Ripple are pushing for inclusion and fairness. As Ripple waits for the charter decision, Garlinghouse continues to call for balance and fairness as the key to the future of finance. Or, as he might say, “Let’s make this a whimsical wonderland, not a bureaucratic nightmare!”
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2025-10-17 20:24