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Ripple CEO denies involvement in Linqto stock sales scandal
On July 2, Ripple CEO Brad Garlinghouse addressed growing concerns over a scandal involving the investment platform Linqto, clarifying that it has no direct ties to Ripple itself.
Linqto is under investigation by the SEC and the U.S. Department of Justice for allegedly selling Ripple shares to 4,000–5,000 unaccredited investors—at prices reportedly 60% above market value.
Garlinghouse explained that these shares were acquired on the secondary market, moved into Special Purpose Vehicles (SPVs), and then sold to retail buyers who believed they were purchasing Ripple shares directly—not those of a shell entity.
Crypto attorney John Deaton called the Linqto situation a “regulatory compliance nightmare.” Still, Garlinghouse emphasized that Ripple was not involved in any wrongdoing.
Turning defense into offense
Garlinghouse used the attention surrounding the scandal to highlight Ripple’s major stablecoin initiative: RLUSD. He revealed that Ripple has applied for a national banking charter with the Office of the Comptroller of the Currency (OCC), which would place RLUSD under both federal oversight and the existing supervision of the New York Department of Financial Services (NYDFS).
“This dual oversight will set a new standard of trust for stablecoins,” Garlinghouse said in a post on X.
According to Artemis data, RLUSD supply has surged nearly 490% in 2025, reaching over $455 million. Transaction volume hit a new record in June, totaling $2.6 billion.
In addition, Ripple's subsidiary, Standard Custody & Trust Co., which issues RLUSD, filed an application with the Federal Reserve on June 30 for a master account. If granted, it would allow the firm to store RLUSD reserves directly with the Fed—similar to how custody banks manage client funds.
If approved by both OCC and the Fed, RLUSD could become the first stablecoin with direct access to the U.S. central bank.
As we wrote, Ripple and Brad Garlinghouse accused of lobbying for Solana inclusion in the U.S. crypto reserve
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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