The long-awaited U.S. Clarity Act, crucial for Bitcoin and altcoins, has still not been passed.
Approval by the Senate is currently awaited, and it is claimed that in the future, this could boost the growth of BTC and altcoins.
At this stage, Japanese financial giant SBI Holdings has also drawn a parallel between the decline of $XRP and the Clarity Act.
SBI believes that recent weak performance in the cryptocurrency market, particularly for $XRP, is due to uncertainty regarding crypto asset regulation in the United States.
Speaking at the presentation of the company's latest financial results, SBI Holdings Director Yasuo Nishikawa stated that investors are closely monitoring developments related to the Clarity Act, which is currently under discussion in the U.S.
Nishikawa said that the company's cryptocurrency business and cryptocurrency prices remain stagnant as investors await the outcome of the CLARITY investigation.
In this context, Nishikawa stated that $XRP has also suffered and explained the decline in $XRP's value as being caused by delays in U.S. cryptocurrency legislation. Nishikawa explained that uncertainty surrounding the bill has made investors act cautiously, which, in turn, has put pressure on both the overall cryptocurrency 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.
