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Banking Sector Accelerates Crypto Initiatives: Impact on XRP

Banking Sector Accelerates Crypto Initiatives: Impact on XRP

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by Giorgi Kostiuk

2 days ago

Recent regulatory changes are opening new horizons for banks in the cryptocurrency space. CFTC Commissioner Caroline D. Pham shared insights on how this may impact XRP.

Regulatory Changes

In a video, Caroline D. Pham discussed the SEC's reversal of guidance regarding crypto asset accounting. This decision means that banks can now become more engaged in digital asset operations.

The infamous SAB 121, which I think the SEC forgot that banks are public companies, so clearly getting that rescinded by Acting Chairman Uyeda on the second day in office was huge.CITE_W_A

Banks Are Activating Interest in Cryptocurrency

Caroline Pham noted that many leading banks are already working in the crypto space. She predicted that banks would start to accelerate their projects in this field.

Now I think you’re going to be able to see them really accelerate, so all of these projects that everybody is working on since 2016, now we are going to start seeing more deployment, more volume.CITE_W_A

Impact on XRP and Future Prospects

The changes in regulation are particularly significant for Ripple and its token XRP, which is positioned as a bridge currency for transactions. Now, with accounting barriers removed, institutions can more confidently integrate XRP-based solutions.

With new opportunities and regulatory support, banks stand on the threshold of large-scale cryptocurrency adoption, which opens new horizons for XRP.

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