Ripple CEO Brad Garlinghouse Slams Wall Street Lobbyists for Blocking Crypto Access to Federal Reserve

Ripple CEO Brad Garlinghouse has publicly criticized Wall Street banking lobbyists for opposing the entry of cryptocurrency firms into the U.S. banking system, specifically targeting their efforts to block companies like Ripple Labs from obtaining Federal Reserve master accounts. These accounts are essential for institutions to directly interact with the U.S. central bank, enabling seamless integration into the financial infrastructure.

Garlinghouse, speaking at the DC Fintech Week event, labeled the resistance as "hypocritical and anti-competitive," arguing that while traditional financial institutions demand crypto firms adhere to the same standards for anti-money laundering and illicit finance protections, they simultaneously oppose granting access to critical infrastructure like Fed master accounts. "You can’t say one and then combat the other [...] It’s hypocritical, and I think we all should call them out for being anti-competitive in that regard," he stated.

In response, Ripple has taken concrete steps by applying for a Federal Reserve master account through its wholly owned subsidiary, Standard Custody & Trust Company, to hold reserves for its stablecoin, RLUSD. The company also sought a national banking license from the U.S. Office of the Comptroller of the Currency (OCC) in July 2025. Similarly, other crypto firms are pursuing access: Circle Internet Group filed for a national trust bank license to custody its USDC stablecoin reserves, and Anchorage Digital Bank, which holds a national trust bank charter since 2021, formally applied for a Fed master account in late August 2025.

However, no public decisions have been made on these applications as of 2025, with regulators citing heightened risks related to liquidity, custody, and compliance. The OCC has slowed or denied several applications since 2022, and the Fed defends its discretion to limit master account access to institutions deemed safe. Despite this, Garlinghouse noted a shift in bank attitudes, revealing that "banks that would not have talked to us three years ago are now leaning in and saying, how could we partner around this?" during recent meetings in New York.

Amid these developments, Ripple's RLUSD stablecoin has shown growth, surpassing $800 million in market capitalization with a 34% increase in trading volumes over the past 24 hours, accounting for 18% of its market cap. Garlinghouse emphasized that granting master accounts to crypto firms would enhance stability, regulatory oversight, and risk mitigation in the financial system.