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Ripple and SEC reach settlement, XRP surges as multiple factors including the Trump administration's monetary policy boost the market.
In the cryptocurrency (coin) market, Bitcoin (BTC) is at +1.76% compared to the previous day at 1BTC=116,920 dollars.
Multiple favorable factors have pushed up the cryptocurrency market.
As the first important material, it is mentioned that President Trump signed a comprehensive executive order prohibiting the denial of banking services for political reasons.
The order titled "Guaranteeing Fair Banking for All Americans" instructs federal banking regulators to eliminate guidelines and practices that promote the "abolition of political or illegal banking practices." This is likely to lead to a fundamental resolution of the access restrictions to banking services that the cryptocurrency industry has faced.
At the same time, President Trump signed an executive order on "democratizing access to alternative assets for investors, including digital assets," creating an environment where over 90 million U.S. private sector workers can invest in alternative assets. This marks a groundbreaking regulatory change that opens investment opportunities previously available only to government officials and some institutional investors to the private sector.
This policy shift will lead asset management companies to reassess their positions, making the influx of millions of dollars into Bitcoin-holding exchange-traded funds (ETFs) and the expansion of direct trading in cryptocurrencies more likely. With the removal of traditional regulatory constraints, a significant market entry by institutional investors is anticipated.
The second point is that President Trump nominated Stephen Milan, known as a Bitcoin supporter, to the Board of Governors of the Federal Reserve. Milan currently serves as the chairman of the Council of Economic Advisers and is also known as a Bitcoin supporter.
The derivatives director of Amberdata analyzes that traders interpret Mr. Milan's appointment as a shift towards easing policies by the Federal Reserve. "He is expected to be dovish, which is what Mr. Trump hopes for," the view is spreading in the market.
Furthermore, the nearly five-year lawsuit between Ripple Labs, the issuer of XRP, and the U.S. SEC (Securities and Exchange Commission) is expected to be heading toward a complete resolution. Ripple's CEO Brad Garlinghouse announced on June 28 that he would withdraw the appeal, and the SEC is also expected to withdraw its appeal.
As a result, the price of XRP surged by 10% compared to the previous day.
This resolution has established an important precedent for the clarification of regulations for the entire cryptocurrency industry, and it is expected to serve as a catalyst for the entry of institutional investors.
XRP News & Price
Thorough explanation of investment merits and risks
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You can find the list of market reports published in the past here.