Ripple Labs CEO Brad Garlinghouse took a direct shot at Wall Street banking lobbyists this week, accusing them of double standards in their opposition to giving crypto companies access to the U.S. Federal Reserve’s master accounts — a key piece of infrastructure that enables banks to interact directly with the Fed.

Speaking at DC Fintech Week, Garlinghouse didn’t hold back. While agreeing that the crypto sector should meet the same anti–money laundering and compliance standards as traditional financial institutions, he argued that such parity should work both ways.

“You can’t say crypto must follow the same rules, but then deny it the same access,” he said. “That’s hypocritical — and anti-competitive.”

Why Fed Master Accounts Matter

A Fed master account allows institutions to settle transactions directly with the U.S. central bank — bypassing intermediaries and providing a crucial link to the country’s financial core. For crypto companies, this access could mean faster, cheaper, and more transparent operations, bridging digital assets with the mainstream system.

However, obtaining such access has proven challenging. The Federal Reserve has been reluctant to clarify its process or grant approval to crypto firms, despite the industry’s growing regulatory compliance.

Ripple’s Push Into Banking

Ripple, long known for its cross-border payments technology, is now aiming to secure a federal banking charter and a Fed master account through its affiliate Standard Custody & Trust Co., a regulated New York trust. This move would officially position Ripple within the U.S. banking framework.

The company has also expanded into stablecoins, launching the RLUSD project, which aims to bridge crypto liquidity with traditional banking partners. Garlinghouse revealed that banks once hesitant to collaborate are now reaching out.

“Just yesterday, I met with banks in New York that wouldn’t even return our calls three years ago,” he said. “Now they’re asking how we can work together.”

Wall Street’s Fear of Change

Garlinghouse criticized the lobbying efforts of traditional banks working to block crypto firms from accessing the same financial tools they enjoy. He suggested that this resistance isn’t about security — but protecting market dominance.

“It’s disappointing to see some of the big banks lobbying against something that would actually increase stability and oversight,” he said.

 Toward a More Integrated Financial Future

Ripple’s CEO believes that granting master accounts to compliant crypto institutions like Ripple and Circle would enhance transparency, improve risk management, and strengthen U.S. leadership in digital finance.

As the line between traditional banking and crypto innovation continues to blur, Garlinghouse’s comments mark another sign that the battle for equal access in the financial system is just beginning.