Brad Garlinghouse, the CEO of Ripple, discussed his recent experience of being dropped by his bank due to being a high-profile figure in the cryptocurrency industry during the DC Fintech Week event in Washington.

"Individuals within the crypto industry are being de-banked," Garlinghouse stated. "I personally have been de-banked."

He mentioned that Citigroup Inc., which had been his bank for 25 years, ended their relationship, informing him he had five days to move his funds. Citigroup's rationale was that being associated with someone notable in crypto attracted increased regulatory scrutiny.

"They said, 'You have five days to move your money,'" Garlinghouse recounted. "They were actually super honest. They said, 'Look, you are a notable person in crypto, and having notable people in crypto, and banking the crypto industry means more scrutiny from federal regulators.'"

Garlinghouse was critical of the Biden administration's regulatory approach towards crypto, labeling SEC's Gary Gensler as leading a "reign of terror" against the industry. He suggested the upcoming presidential elections could herald a more favorable crypto landscape.

"Regardless of the outcome next month, I believe we will see a reset in our policies," he added.

In addition to this, he asserted that an ETF tied to XRP has become "inevitable" following recent market movements. Garlinghouse has also actively supported the Fairshake political action committee, emphasizing that the next administration's attitude toward crypto will greatly depend on new appointments in regulatory agencies like the SEC and Treasury.