The long-awaited U.S. Clarity Act, which is crucial for Bitcoin and altcoins, has not yet been passed.
Approval by the Senate is currently awaited, and it is claimed that this could boost BTC and altcoins in the future.
At this stage, Japanese financial giant SBI Holdings also drew a parallel between the decline of $XRP and the Clarity Act.
SBI believes the recent weak performance of the crypto market, particularly of $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 President Yoshitaka Kitao stated that investors are closely monitoring developments related to the Clarity Act, which is currently under discussion in the U.S.
Kitao said the company's crypto business and crypto prices remain in a holding pattern as investors await the outcome of the CLARITY study.
In this context, Kitao stated that $XRP has also suffered, and explained the drop in $XRP's value as being caused by the delay in U.S. cryptocurrency legislation. Kitao explained that the 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, Kitao emphasized that the company's long-term confidence in $XRP remains unchanged.
Kitao 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.
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