Ripple’s Call for Equal Regulatory Treatment

Ripple’s CEO Brad Garlinghouse recently urged for crypto companies to be subject to the same regulatory frameworks as traditional financial institutions, highlighting the need for parity in compliance standards. Speaking at a conference, he emphasized on maintaining adherence to regulations akin to Anti-Money Laundering (AML) and Know Your Customer (KYC) requirements.

Garlinghouse expressed concerns that regulators, including the U.S. Securities and Exchange Commission (SEC), may not ease existing policies even with potential shifts in leadership. He lamented the unequal treatment faced by crypto firms compared to banks, stating, “It’s disappointing to observe traditional banks lobbying against such regulatory equality.”

Amidst his arguments for a national bank charter, Ripple is navigating the complexities of regulatory demands and its ambitions within the sector. A recent decision by the Office of the Comptroller of the Currency (OCC) to grant a charter to a crypto service provider might pave the way for better integration of crypto services within the banking system.