Ripple CEO Slams Wall Street Banks for Blocking Crypto Access
Ripple Labs CEO Brad Garlinghouse took aim at Wall Street banking lobbyists this week, accusing them of standing in the way of fair competition as crypto firms like Ripple seek access to the Federal Reserve’s master accounts — a privilege that would more directly integrate digital asset companies into the U.S. financial system.
Ripple Pushes for Equal Treatment
Speaking at DC Fintech Week, Garlinghouse said the crypto industry “should be held to the same standard” as traditional finance when it comes to anti–money laundering and illicit finance safeguards. However, he argued that the same access to financial infrastructure must come with those responsibilities.
“You can’t say one and then combat the other,” he said, referring to traditional banks’ stance on regulation. “It’s hypocritical, and I think we all should call them out for being anti-competitive in that regard.”
Master accounts would give crypto firms like Ripple direct access to the central bank’s payment systems — a benefit that traditional banks already enjoy. Yet, despite efforts from several crypto companies, the Federal Reserve has been slow to grant such access, leaving much of the industry in regulatory limbo.
Ripple’s Application and Banking Charter Effort
Garlinghouse confirmed that Ripple has applied for a Fed master account through its Standard Custody & Trust Co. affiliate, a New York-based trust company. The move comes alongside Ripple’s application for a federal banking charter with the Office of the Comptroller of the Currency (OCC), filed in July.
The dual effort is part of Ripple’s strategy to bridge traditional finance and blockchain infrastructure — an approach Garlinghouse believes will enhance stability and transparency in the broader system.
Banks Begin to “Lean In”
Despite years of hesitation from U.S. banks, Garlinghouse said attitudes are starting to shift as Ripple continues to expand its reach, especially through its stablecoin project, RLUSD.
RLUSD overview (Source: CoinMarketCap)
“I had meetings yesterday in New York City, where banks that would not have talked to us three years ago are now leaning in and saying, how could we partner around this?” he shared.
According to Garlinghouse, those discussions signal a turning point for Ripple’s position in the financial landscape — and an acknowledgment that blockchain infrastructure could strengthen rather than threaten the traditional system.
A Call for Fair Access
Garlinghouse said that granting crypto firms access to the Fed’s master accounts would not only improve oversight but also reduce risk and enhance regulatory transparency. He criticized traditional banks for lobbying against this integration, saying such efforts contradict their calls for equal standards.
“It’s been a little disappointing to see some of the traditional banks start to lobby against things like that,” he said.
As Ripple moves forward with its master account and banking charter applications, Garlinghouse’s comments show the growing tension — and potential cooperation — between crypto innovators and the Wall Street establishment.
