SEC Rulemaking Seen as Real Catalyst for XRP Growth
XRP has been underperforming in the past week, dropping around 7% against Bitcoin. The token's price has struggled to reach $1.10, currently trading at $1.03.
The underperformance is attributed to the Senate's failure to pass the Clarity Act before recess, which has hit XRP harder than other assets due to its unique regulatory history and dependence on clear rules for institutional adoption.
Vincent van Code, a software engineer and long-time XRP supporter, disagrees that the Clarity Act will advance tokens like XRP. He believes SEC rulemaking is the real catalyst for the crypto industry's progress.
Van Code argues that clear rules mean a 'power chance of enforcement action,' but may not be enough to convince heavily regulated institutions like banks to invest in XRP. However, he expects mid-level corporations and investment managers to jump on board once SEC rulemaking is implemented.