Ripple-sjef kritiserer Wall Street-bankenes motstand mot Feds hovedkontoer for krypto

Ripple Labs CEO Brad Garlinghouse criticized Wall Street banks for opposing crypto firms' access to Federal Reserve master accounts. He argued that such access would enhance safety and efficiency within the financial system.

Garlinghouse's Stance on Master Accounts

Speaking at an event in Washington, D.C., Garlinghouse highlighted the perceived hypocrisy of traditional financial institutions. He stated that these banks, while benefiting from the existing financial infrastructure, are actively lobbying against granting similar privileges to crypto companies.

Ripple Labs is currently pursuing a federal bank charter and access to a Federal Reserve master account. Garlinghouse believes this access is crucial for the secure and efficient operation of digital asset companies, enabling them to better serve customers and comply with regulations.

Industry Opposition and Ripple's Goals

The opposition from some banking groups stems from concerns about the volatility and regulatory uncertainties associated with cryptocurrencies. However, Garlinghouse countered that the current system is not without its risks and that regulated digital asset firms can operate safely and effectively.

He emphasized that granting master accounts would allow companies like Ripple to hold reserves directly with the Fed, reducing reliance on traditional banks and potentially lowering transaction costs and settlement times. This move is seen as a significant step towards integrating the digital asset industry more fully into the mainstream financial system.