FIT21 Crypto Regulation Bill Advances: Will It Help or Hurt XRP Price?

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The U.S. House of Representatives is making big moves with the Financial Innovation and Technology for the 21st Century Act (FIT21). At the same time, a major holder of XRP, known as a whale, has caught everyone’s attention by transferring a whopping 50.78 million tokens to centralized exchanges (CEXs), sparking a wave of speculation and interest among crypto enthusiasts.

Dive deeper to find out what this whale’s move could mean for the future of XRP and the entire crypto market.

Crypto Regulation in the Spotlight

The Financial Innovation and Technology for the 21st Century Act (H.R. 4763) recently passed by the U.S. House aims to bring clarity to digital asset regulations. This bipartisan bill clarifies which agency, whether the SEC or CFTC, oversees digital assets and ensures consumer and investor protection by defining digital assets as commodities or securities.

Why is no one posting about what is actually in the FIT21 bill ?

I m not hearing anyone talk about the over 150 mentions of decentralization and the decentralization test described.

Also not hearing anyone mention anything about the consensus mechanics discussed. pic.twitter.com/3qkBbO8AAy

— Vet (@Vet_X0) May 23, 2024

Ripple vs. SEC Implications

Legal experts, including pro-XRP advocate Bill Morgan, have highlighted an important part of the bill influenced by Judge Torres. It says that digital assets sold within an investment contract aren’t automatically considered securities.

This has significant implications for legal battles like Ripple vs. SEC, potentially reshaping crypto regulations.

Whale Watch

In a dramatic move, an XRP whale has transferred 50.78 million XRP tokens to centralized exchanges Bitstamp and Bitso. These two transactions, tracked by Whale Alert, saw 29.14 million XRP sent to Bitstamp followed by 21.64 million XRP to Bitso, all from one wallet address.

The timing of these transactions, happening amid positive news for Ripple, has added an element of mystery. They occurred shortly after Ripple collaborated with these exchanges, stirring speculation within the community.

XRP Price Analysis

Despite positive regulatory news, XRP’s price has been volatile. Currently trading at $0.528, it experienced a slight 1% dip in the past 24 hours. The 24-hour trading volume decreased significantly by 34.07% to $1.13 billion, suggesting a bearish sentiment.

Nonetheless, XRP’s market cap remains strong at $29.24 billion, highlighting its enduring significance in the crypto world.

Does the FIT21 Act spell good news for Ripple? Share your thoughts.

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