SBI Holdings Blames XRP Decline on US Crypto Legislation Uncertainty

SBI Holdings, a Japanese financial giant, has attributed the recent decline in XRP's value to uncertainty surrounding US cryptocurrency legislation. Speaking at the company's latest financial results presentation, Director Yasuo Nishikawa stated that investors are closely following developments related to the Clarity Act currently under discussion in the US.

The company holds 6.6 trillion yen ($42.2 billion) worth of XRP and views it as one of its strategic assets. According to Nishikawa, the uncertainty surrounding the bill has caused investors to act cautiously, putting pressure on both the overall crypto market and the price of XRP.

Despite this setback, SBI Holdings remains confident in XRP's long-term prospects. The company is waiting for Senate approval of the Clarity Act, which could potentially support a rise in BTC and altcoins, including XRP.