Ripple CEO Criticizes Wall Street’s Influence on Crypto Banking Access

• Ripple seeks equal Fed access as Wall Street blocks crypto firms from banking privileges.
• Ripple files for master account, boosting RLUSD transparency and institutional oversight.
• RLUSD stablecoin grows to $800M, signaling rising demand for regulated crypto infrastructure.

Ripple Chief Executive Brad Garlinghouse has accused Wall Street lobbyists of obstructing fair access for crypto firms to the U.S. banking system. He argued that traditional financial institutions are leveraging regulatory influence to block competition, particularly regarding applications for Federal Reserve master accounts.

Ripple Pushes for Equal Banking Access

Garlinghouse stated that crypto companies, including Ripple, are entitled to the same banking privileges as traditional institutions under U.S. law. Despite this, he said regulators have delayed approvals for crypto-related master account applications throughout 2025. According to him, financial lobbyists have pressured policymakers to restrict access, citing risks while continuing to benefit from regulatory protections themselves.

In his remarks, Garlinghouse described this approach as inconsistent with principles of fair competition. He asserted that regulators require crypto companies to follow compliance and anti-money-laundering rules but still deny them direct access to critical banking infrastructure. “You can’t demand compliance and simultaneously block access,” he said.

Ripple’s Application and Banking Strategy

As part of its regulatory efforts, Ripple has filed for a Federal Reserve master account through its subsidiary, Standard Custody & Trust Company. The company also submitted an application for a national banking license to the Office of the Comptroller of the Currency. These filings aim to enable Ripple to hold reserves directly with the Fed to support its RLUSD stablecoin operations.

Garlinghouse said that obtaining a master account would strengthen transparency and risk oversight by reducing reliance on intermediaries. He noted that similar initiatives are underway across the sector, with Circle applying for a national trust bank license and Anchorage Digital seeking direct access to the Federal Reserve’s payment systems.

Stablecoin Expansion and Industry Outlook

Ripple’s RLUSD stablecoin has reached approximately $800 million in market capitalization, with daily trading volumes rising 34% over the past 24 hours. The asset now represents about 18% of that total capitalization, indicating steady market activity. These figures, Garlinghouse suggested, underline the growing institutional demand for regulated infrastructure.

He added that several U.S. banks that once avoided crypto partnerships are now reconsidering their positions. The change reflects a gradual shift in sentiment as digital assets continue to integrate with mainstream finance. Garlinghouse reiterated that Ripple will continue to seek fair treatment for crypto firms pursuing lawful participation in the nation’s financial system.