A Quick Crypto Snap

How about that for the past 24-48hrs!!! The crypto market bled off hard and recovered nearly as quickly. For those new to crypto, it’s easy to go back into the charts and find multiple 20-30% corrections in an uptrend bull market. They can be scary, however, taking a positive from these corrections would be the fact that borrowed or leveraged bets on the price of crypto have been cleaned out. I like to think of it as trimming excessive branches from a designer bonsai plant. Doing so promotes energy being forced into “fattening up the base or trunk fundamentals” rather than into unnecessary leave production.

In other, huge news, Ripple CEO Brad Garlinghouse tweeted “This just in … we have final approval from the New York Department of Financial Services (NYDFS) for RLUSD (Ripples US Dollar Stablecoin)! Exchange and partner listings will be live soon…” This caused a US 54c recovery from XRP within minutes. It would seem the market liked the news of what’s touted as a high quality, regulated and transparent Stablecoin, something Tether has struggled with, with obscurity and denial of proof of reserves. This could open up a great opportunity for XRP Ledger activity and XRP use as a gas token to move the RLUSD.

Following on from this, Banxchange, a UAE crypto exchange based in Dubai, announced that it was thrilled to have the RLUSD officially listed on the exchange within the next 48 hrs (now 24hrs) and that they were honored to be part of the XRP community [embracing] cutting-edge technology of the XRP Ledger. Things seem to be heating up.

On the regulatory front, a battle is looming between pro-crypto members of the U.S. Senate Banking Committee and their crypto industry lobbyists to keep SEC Commissioner Caroline Crenshaw from being re-nominated to the SEC board. Such a renomination would keep a strong anti-crypto voice in the SEC, akin to the dark days of Gary Gensler as its Chair. If anything, Crenshaw is even more anti-crypto, and anti-innovation than Gensler, having voted “NO” to approving a BTC ETF even after the Court had made its decision that nothing should stop its approval. Gensler capitulated and voted “YES”, Crenshaw snubbed her nose at the Courts and voted no.

To have her on the SEC board would be in direct opposition to the sweeping mandates given to the incoming Trump Administration by the American people to be pro-crypto and innovation. The vote has been postponed, but this hasn’t stopped lobbyists taking to the street with trailer signage to raise awareness on this vote and this powerful decision-making seat within the SEC.

One thing can be certain, crypto is the hot topic with industry and political focus now firmly fixed upon it.

This is no more evident than with news breaking that, according to Yahoo a deputy in the Russian parliament proposed the creation of a strategic Bitcoin (BTC) reserve to tackle sanctions imposed on the country, state-owned news agency Ria reported on Monday.

Anton Tkachev of the New People party, which formed in 2020 and has 16 out of the 450 seats in the State Duma, asked Finance Minister Anton Siluanov to "assess the feasibility of creating a strategic Bitcoin reserve in Russia by analogy with state reserve in traditional currencies."

With the announcement by the Trump Administration and Senator Lummis of a U.S. Strategic Bitcoin Reserve over the next 5 years, is this game theory playing out with nations now seeking to front-run U.S. purchases? Will this transpire into increased buying pressure at a sovereign country level to get their hands on the limited supply of BTC?

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