SBI Holdings Executive: "XRP Slump Due to US Regulatory Uncertainty"

▲ XRP/AI-generated image

US regulatory uncertainty has been identified as the reason why XRP is struggling. The market is awaiting the direction of the US cryptocurrency market structure bill.

According to crypto media outlet CryptoBasic on August 3 (local time), Yasuo Nishikawa, a director at SBI Holdings, mentioned XRP's sluggish performance during the Q1 FY2027 earnings announcement. He presented on behalf of Chairman and CEO Yoshitaka Kitao. Nishikawa stated, “The XRP price continues its sluggish trend, seemingly watching the situation of the US cryptocurrency market structure bill.”

SBI's cryptocurrency business performance also weakened amidst the market downturn. However, its global cryptocurrency market-making business maintained profitability. Nishikawa revealed that the value of Ripple shares held by SBI amounts to approximately 6.6 trillion yen. This indicates that the investment value in Ripple is highly regarded, separate from XRP's weakness.

SBI continues to expand its business in preparation for the cryptocurrency market's recovery. It is enhancing stablecoin services and lending products through SBI VC Trade. The acquisition of Bitbank is also underway. Once the acquisition is complete, the customer base is expected to grow to approximately 3 million accounts. Custodial assets are projected to expand to about 870 billion yen.

The US cryptocurrency market structure bill is undergoing Senate review. Ahead of the August 7 recess deadline, Congress continues discussions on regulatory oversight, state enforcement powers, anti-money laundering regulations, and ethics provisions. Crypto advocacy group Stand With Crypto announced that voter contacts with lawmakers urging the bill's passage have exceeded 1 million.

[Article Key Summary]

-An SBI Holdings executive cited US regulatory uncertainty as the reason for XRP's sluggishness.

-The value of Ripple shares held by SBI was estimated at approximately 6.6 trillion yen.

-The US cryptocurrency market structure bill is being discussed in the Senate ahead of the August 7 congressional recess deadline.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*