PANews reported on October 24 that according to CoinDesk, Ripple CEO Brad Garlinghouse revealed at DC Fintech Week in Washington that his long-term partner Citibank had terminated his personal banking relationship due to his background in the cryptocurrency industry. Garlinghouse said that this was the result of the US government's pressure on banking institutions to be cautious in getting involved in crypto assets. He mentioned that Citi gave him five days to process the account funds and made it clear that this move had led to more scrutiny pressure from federal regulators due to its "prominent position in the crypto industry."

Garlinghouse criticized the Biden administration's regulatory attitude toward the crypto industry, especially accusing Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), of a tough approach, and said that regardless of the outcome of the presidential election in November, U.S. crypto policy will improve in the future. In addition, he also mentioned that an ETF linked to XRP is "inevitable" and suggested that crypto startups register overseas to avoid the uncertainty of U.S. regulation.