SBI links XRP weakness to delay in U.S. crypto legislation

SBI Holdings said weakness across the cryptocurrency market, including XRP, reflects investor caution as the market waits for progress on the U.S. CLARITY Act, according to The Crypto Basic. At a recent earnings presentation, SBI Holdings Director Yasuo Nishikawa said investors were watching how the U.S. bill would proceed, leaving both the broader crypto market and XRP prices subdued, while confidence in XRP remained unchanged. SBI holds 6.6 trillion yen ($42.2 billion) worth of XRP. Despite the market downturn, Nishikawa also said the company’s crypto market-making business remained profitable and that SBI was continuing to expand the business, including by pursuing the acquisition of Japanese exchange Bitbank.