The highly anticipated US Clarity Act, which is crucial for Bitcoin and altcoins, has still not been approved.
Currently, Senate approval is awaited, and it is stated that future approval could support a rise in BTC and altcoins.
At this point, Japanese financial giant SBI Holdings also drew a connection between the decline in $XRP and the Law of Clarity.
SBI believes that the recent weak performance of the cryptocurrency market, particularly $XRP, stems from uncertainty surrounding regulations for crypto assets in the United States.
Speaking at the company’s latest financial results presentation, SBI Holdings Director Yasuo Nishikawa stated that investors are closely following developments related to the Clarity Act currently under discussion in the US.
Nishikawa said that the company’s cryptocurrency business and crypto prices remained stagnant because investors were waiting for the CLARITY results.
In this context, Nishikawa stated that $XRP was also affected and attributed the decline in $XRP’s value to the delay in US cryptocurrency legislation. Nishikawa explained that the uncertainty surrounding the bill caused investors to act cautiously, which in turn put pressure on both the overall crypto market and the price of $XRP.
Despite these setbacks, Nishikawa emphasized that the company’s long-term confidence in $XRP remains unchanged.
Nishikawa stated that SBI holds 6.6 trillion yen ($42.2 billion) worth of $XRP and that the company continues to view $XRP as one of its strategic assets.
*This is not investment advice.