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Ripple CEO Fires Back After Avalanche CEO Downplays Ripple’s Banking Role

Lele Jima
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Ripple CEO Fires Back After Avalanche CEO Downplays Ripple’s Banking Role

Ripple CEO Brad Garlinghouse responded to a jab from Emin Gün Sirer, who claimed that banks are using Avalanche technology rather than Ripple’s solution.

The lighthearted but pointed exchange unfolded on X after Sirer joked that banks are choosing Ripple. He quickly dismissed the statement as an April Fool’s joke and asserted that financial institutions actually rely on Avalanche instead. 

However, Garlinghouse did not ignore the claim. Despite many observers describing the remark as a playful joke, he responded quickly.

Key Points 

  • Avalanche CEO Emin Gün Sirer dismisses claims that banks prefer Ripple, calling it an April Fool’s joke.
  • He argues that financial institutions are instead adopting Avalanche’s technology.
  • Ripple CEO Brad Garlinghouse responds, saying he was pleased Ripple remains top of mind for Sirer.
  • Banks continue to use both Ripple and Avalanche for different purposes, including payments and real-world asset tokenization. 

Ripple CEO Responds 

Taking to X, Garlinghouse fired back with a brief remark, saying he was excited to know Ripple lives rent-free in his head, implying that Avalanche frequently thinks about Ripple.

For context, the phrase “living rent-free” commonly describes a situation where one party occupies another’s thoughts or attention without effort. 

In this case, Garlinghouse used the phrase to suggest that Avalanche’s leadership often focuses on Ripple. In his view, that attention underscores Ripple’s continued influence in the race to provide blockchain infrastructure for financial institutions.

Banks Tap Avalanche’s Technology 

Banks are increasingly leveraging both Ripple and Avalanche. In particular, Avalanche has advanced an enterprise-focused strategy built around customizable blockchain networks known as subnets. 

These subnets allow institutions to create dedicated blockchain environments tailored to applications such as tokenization and financial infrastructure.

As a result, major financial players have begun testing Avalanche’s capabilities. For example, JPMorgan Chase has experimented with the network through its blockchain unit, Onyx, while Citigroup has explored tokenization initiatives on Avalanche infrastructure.

Ripple’s Prominence in the Banking Sector 

Meanwhile, Ripple continues to strengthen its position in the banking sector, driven largely by its cross-border payments infrastructure on the XRP Ledger. Through Ripple Payments, financial institutions can move funds internationally within seconds.

Specifically, the system enables banks to convert fiat currency into XRP or Ripple’s stablecoin RLUSD, transfer it across the XRP Ledger, and convert it into the destination currency almost instantly.

Moreover, Ripple reports that its cross-border payment network has processed over $1 billion in transactions, with adoption spanning several major institutions. Notable partners include SBI Holdings and Santander, alongside Brazilian banks such as Braza Bank and Banco Genial. 

In addition, Ripple has strengthened its regulatory standing by securing conditional approval from the OCC for a national bank charter, which, if finalized, would allow it to operate within the U.S. banking system and offer regulated digital asset custody.

Despite the apparent rivalry, some observers suggest that Sirer’s remarks align with the crypto industry’s April Fool’s Day tradition, where leaders often share playful or exaggerated claims. 

WhiteBIT Coin (WBT) Surpasses $15 Billion Market Capitalization Amid Token Momentum and Exchange Expansion

Andrew MacGill
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WhiteBIT Coin (WBT) Surpasses $15 Billion Market Capitalization Amid Token Momentum and Exchange Expansion

WhiteBIT’s native token WBT has crossed the $15 billion market capitalization mark — a 50% jump from its previous $10 billion valuation — positioning it among the ten largest digital assets by market cap globally.

WBT’s tokenomics are built around a deliberate balance between controlled supply growth and sustained value creation.

A deflationary mechanism, powered by systematic buyback-and-burn cycles funded through a portion of platform trading fees, works in tandem with a scheduled token release calendar designed to fuel ecosystem expansion without flooding the market.

On March 13, the exchange released over 39 million WBT tokens — valued at roughly $1.19 billion — into WhiteBIT Funds.

Notably, these tokens were not pushed directly onto the open market. Instead, they were earmarked for strategiс allocation, a move intended to cushion any immediate downward pressure on price while preserving room for long-term ecosystem initiatives.

The token’s recent debut on Kraken — one of the longest-standing exchanges in the industry — introduced WBT/EUR and WBT/USD trading pairs. This listing broadened access for both retail and institutional market participants, deepening overall liquidity and reinforcing the token’s standing among established digital assets.

On the regulatory front, WhiteBIT has taken concrete steps toward global compliance. The company secured operational approval in Ghana via a regulatory sandbox program developed alongside local financial authorities — placing it among a limited number of crypto platforms with formal regulatory engagement in emerging African markets.

Beyond regulatory milestones, WBT has gained recognition from traditional financial benchmarks. The token was included in the S&P Dow Jones Indices, signaling growing institutional acknowledgment of its market relevance and maturity as a digital asset.

Within the WhiteBIT platform itself, WBT serves as more than a speculative asset. It is embedded across core services  — from fee structures and staking incentives to launchpad access and governance participation — ensuring that its utility remains tightly linked to platform activity and user engagement.

“Crossing the $15 billion market capitalization threshold reflects years of deliberate ecosystem building and growing trust from our global user base,” the company stated. “Our roadmap continues to prioritize compliance, product innovation, and international reach, with WBT at the center of that vision.”

Bitcoin Faces Heavy Sell Pressure Near $69K as Whale Walls Build: Breakout or Rejection Next?

Abdulkarim Abdulwahab
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0
Bitcoin Faces Heavy Sell Pressure Near $69K as Whale Walls Build: Breakout or Rejection Next?

Bitcoin is pushing higher but running straight into a strong wall of sell pressure.

This situation continues to raise questions about whether the rally can continue or stall again. Recent data from CoinGlass shows that BTC is now grinding into a dense cluster of whale sell orders just below the $70,000 level.

Notably, BTC price is currently hovering around $68,700, up 2.65% over the past day.

Key Points

  • Bitcoin is nearing $69K resistance, where heavy whale sell walls are stacking between $68.8K and $69.6K.
  • BTC currently hovers around $68.7K, up 2.65%, but strong overhead supply is slowing upward momentum.
  • Key support sits at $67.2K, $66.4K, and $65.8K, forming a cushion if price faces rejection.
  • Despite nearing a potential buying zone, BTC remains above realized price, signaling no confirmed bottom yet.

Bitcoin Whale Sell Walls Stack Above $69K

The order book reveals a concentration of sell liquidity between $68,800 and $69,600. The heaviest resistance sits slightly above $69K, where large players are placing significant sell orders.

This setup often acts as a short-term ceiling, slowing momentum as buyers struggle to push through the supply. The current price action suggests Bitcoin is being “pulled” toward this liquidity zone, a common pattern in which markets gravitate toward areas with large pending orders.

On the downside, buyers are also active, with layered support forming. Notable bid zones exist around $67,200, followed by stronger support near $66,400 and deeper accumulation around $65,800. These zones could act as cushions if the price dips after failing to break above resistance.

$69K Emerges as Key Battleground

Essentially, the $69K level is now shaping up as the most important zone to watch. If bulls manage to absorb the heavy sell pressure and break through this level, it could trigger a fast continuation move driven by liquidations with momentum traders stepping in.

However, failure to break above could lead to another rejection, with price dipping back toward lower support zones in what traders often call a liquidity grab.

With both strong resistance above and solid support below, Bitcoin is currently stuck in a tight battle between buyers and sellers.

Image

BTC Near Opportunity Zone

Regardless of the next short-term movement, a separate analysis suggests Bitcoin may be approaching a good buying zone. Right now, Bitcoin is trading around $68,774, which is still about 21% above its “realized price” (around $54,286).

This means most investors are still in profit. In past cycles, the true bottom usually came only after prices dropped below this level. In other words, Bitcoin could still fall closer to $54,000 before a real bottom forms and a strong recovery begins.

Overall, the market appears to be nearing an opportunity for long-term buyers. Notably, current prices reflect a 45% dip from the all-time high.

Bitcoin Could Revisit $69,300 Before Wave 3 Triggers a 15% Drop

Elendu Benedict
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Bitcoin Could Revisit $69,300 Before Wave 3 Triggers a 15% Drop

Bitcoin is up in the past 24 hours, but recent analysis suggests it might be part of a broader bearish picture targeting steeper declines.

Bitcoin (BTC) reached an intraday high near $69,300 on Wednesday, a good start to the month of April. However, according to an analysis from market watcher TARA, it could precede a 15% drop to sub-$60,000.

Key Points

  • Today’s Bitcoin recovery to near $69,300 retested the 0.618 Fibonacci retracement zone.
  • According to the analysis, the crypto leader would retest this level again, particularly because it did not fully capture the liquidity there.
  • The RSI remains under oversold territory, a position that allows for a short upward move.
  • Once Bitcoin absorbs the remaining liquidity around $69,300, a stronger move lower could follow, dragging it towards $58,000. 

Bitcoin Reaches Fibonacci Level

TARA highlighted that today’s recovery to near $69,300 retested the 0.618 Fibonacci retracement zone. While Bitcoin has pulled back considerably from here, dropping to $68,200, the move was still notable.

According to her, the crypto leader would retest this level again, particularly because it did not fully grab the liquidity there. For context, it topped at $69,273, about $30 short of this Fibonacci target.

As such, price action in this area suggests that some liquidity may still remain. Given how closely BTC approached the target, the analyst does not rule out another brief move toward the same zone.

Bitcoin Revisits Fibonacci Level/TARA
Bitcoin Revisits Fibonacci Level/TARA

Additionally, momentum indicators support this possibility, with the RSI indicating a potential second attempt at resistance. The RSI remains under oversold territory, a position that allows for a short upward move, adding weight to the idea that Bitcoin could reclaim $69,300 before shifting direction.

Broader Structure Points to Continued Downside

However, while this movement may appear constructive in the short term, TARA suggested that it fits within a broader corrective structure. She claimed that the attempt at higher prices appears to be part of a larger wave pattern still unfolding. 

Once Bitcoin absorbs the remaining liquidity around $69,300, the analysis suggests a stronger move lower could follow. Notably, this was part of a broader wave 3 pattern on the shared 4-hour chart.

The projected downturn points toward the $58,000 region as the next major area of interest. Bitcoin would have to fall 15% from here to reach this low. Notably, this represents a steeper decline than the February 6 low of around $60,000, potentially taking the asset to lows last seen in October 2024.

Interestingly, this is not the first time market analysts have predicted that Bitcoin will drop to $58,000. Wall Street giant Citigroup shares this view, naming it as a bear target for BTC on a weaker macroeconomic backdrop. This area also sits close to the Realized Price at $54,000.

Franklin Templeton Launches “Franklin Crypto” Following 250 Digital Buyout

Zabi
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Franklin Templeton Launches “Franklin Crypto” Following 250 Digital Buyout

Franklin Templeton has agreed to acquire 250 Digital, a crypto investment firm spun out of CoinFund, in a move that underscores its growing commitment to institutional digital asset investing.

Key Points

  • Franklin Templeton is acquiring 250 Digital, including its full team and crypto investment strategies.
  • The acquisition supports the firm’s expansion into institutional digital asset investing through a new division, “Franklin Crypto.”
  • Franklin Crypto will target institutional clients like pension funds and sovereign wealth funds, offering structured crypto investment solutions.
  • The deal is expected to close in Q2 2026, pending regulatory approvals, client consents, and final agreements.

Deal Structure and Strategic Integration

Under the agreement, Franklin Templeton will absorb the entire 250 Digital team along with its cryptocurrency investment strategies, previously managed under CoinFund. The integration is expected to enhance the firm’s capabilities in managing liquid digital asset portfolios.

In addition, the company confirmed it will commit capital to these strategies, reinforcing its long-term interest in the sector. While the financial terms remain undisclosed, the firm noted that its BENJI tokenized fund will be used as part of the payment consideration.

Looking ahead, the transaction will close in the second quarter of 2026. However, completion remains subject to regulatory approvals, client consents, and final contractual agreements.

Launch of “Franklin Crypto”

Following the acquisition, Franklin Templeton plans to consolidate its expanded capabilities under a new division called Franklin Crypto. The new unit will primarily target institutional clients, including pension funds and sovereign wealth funds.

By focusing on these segments, the firm aims to address the growing demand for structured and reliable crypto investment solutions.

Moreover, the company stated that Franklin Crypto will build upon its existing platform, enhancing both its blockchain investments and venture capital activities.

Leadership and Team Alignment

To support this transition, leadership responsibilities will be shared between executives from both organizations. Christopher Perkins and Seth Ginns, who previously held roles at CoinFund, will co-lead the new division alongside Franklin Templeton’s Tony Pecore.

This combined leadership structure will merge external expertise with internal experience. All three leaders will report directly to Sandy Kaul, the firm’s Head of Innovation, ensuring alignment with broader strategic goals.

Notably, 250 Digital itself was only recently established in January 2026 as a spinout from CoinFund, making this acquisition a swift but strategic development.

Strategic Timing and Market Context

The timing of the acquisition also reflects broader market dynamics. In comments to The Wall Street Journal, Sandy Kaul cited the recent downturn in crypto markets as a key factor in the decision.

She explained that such periods can create unique entry opportunities for institutional players. At the same time, she emphasized the increasing need for stable, well-structured platforms to support experienced crypto professionals.

These factors together have shaped Franklin Templeton’s decision to move forward with the deal at this stage.

Building on a Multi-Year Crypto Strategy

The acquisition marks the latest step in Franklin Templeton’s multi-year push into digital assets. Since entering the space in 2018, the firm has steadily expanded its capabilities and team, which now includes around 50 professionals.

It has launched several key products, including the BENJI tokenized money market fund in 2021. The firm was also among the early participants in U.S. spot Bitcoin and Ethereum ETFs in 2024.

With the addition of 250 Digital and the launch of Franklin Crypto, the firm is positioning itself to play a larger role in the next phase of institutional crypto adoption.

Bitcoin Has Not Yet Recorded the Profit Structure Reset Seen in Past Bear Markets

Sam Wisdom Raphael
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Bitcoin Has Not Yet Recorded the Profit Structure Reset Seen in Past Bear Markets

Bitcoin has not yet witnessed the profit structure reset that the market witnessed in previous bear markets, despite the persistent declines.

Bitcoin (BTC) has opened April with a modest rebound, rising 3% in the past 24 hours and moving back above the $68,000 mark. Despite this short-term strength, the broader trend still points downward, showing that the market remains under pressure.

Amid the downtrend, data shows Bitcoin’s profit structure has not yet gone through the kind of reset seen in past bear markets. Notably, in earlier cycles, prices had to fall much more before the market could fully recover.

Key Points

  • Bitcoin has climbed 3% in 24 hours to trade above $68,000, but the overall downtrend still dominates the market.
  • The 365-day average of profitability remains high at 87.5%, indicating no full reset.
  • In past cycles, the long-term average dropped to 63.8%, before a profit structure reset played out.
  • April historically delivers strong returns, but bear market conditions have previously led to declines.
  • Data shows Bitcoin may need to drop below the $54,000 realized price before reaching a true market bottom.

Bitcoin Profitability Metrics Show Incomplete Reset

CryptoQuant analyst Axel Adler Jr. revealed this in one of his recent analyses. Notably, he pointed out that as of April 1, 2026, the rate of BTC coins in profit has risen to 66.4%, and the 30-day moving average remains at 69.1%. 

However, the more important long-term measure, the 365-day moving average (365DMA), is still high at 87.5%, which sets the current situation apart from past bear market resets.

Adler noted that the SMA365 helped confirm a full reset in earlier cycles. Specifically, after reaching 96-97% at the end of 2017, it dropped steadily and fell to 63.8% by May 2019. This sharp drop showed that the market had gone through a deep correction after the bull run ended.

Bitcoin UTXO Profit Count CryptoQuant
Bitcoin UTXO Profit Count | CryptoQuant

This time, things look different. Even though short-term data shows weakness, the SMA365 remains close to 87.5%, which suggests the market has not yet reached a full capitulation stage.

Bitcoin Drawdowns Deepen but Long-Term Strength Holds

Adler also compared the current downturn with earlier pullbacks in this cycle. Notably, in September 2023 and September 2024, the market weakened short-term profitability but did not break the long-term average.

The 2026 drawdown has gone further. The metric has already dropped to 55.7%, while the 30DMA fell to 66.7%. Despite this, the SMA365 is still well above the levels seen during past resets, and this shows that the deeper, long-term reset has not happened yet.

From this, Adler concluded that the market is under strong pressure, with profitability shrinking. However, as long as the 365DMA stays near 87.5%, the current phase looks more like an extended correction with frequent price swings, rather than a full bear market reset.

Bitcoin Remains in Critical Conditions

Meanwhile, market watcher Ardi recently discussed Bitcoin’s seasonal trends. He noted that since 2014, April has been the third-best month, behind October and July, with an average return of 9.1% and a 67% win rate.

However, he admitted that the market conditions matter. According to him, 2026 is a bear market year, which changes how investors should view these seasonal patterns. Notably, strong past performance does not mean prices will rise when the overall trend is still weak.

Bitcoin 1M Chart Ardi
Bitcoin 1M Chart | Ardi

He gave examples to support this. In 2014, Bitcoin ended April down 2%, and in 2022, it dropped 18.7%. Although April 2018 saw a gain of 35.7%, the move was just a sharp rebound within a bear market, not the start of a new cycle. 

Elsewhere, CryptoQuant analyst Tugce highlighted that, despite the downturn, Bitcoin continues to trade way above the Realized Price, which is currently at $54,000.

She explained that in every major bear market, Bitcoin has fallen below its Realized Price before reaching a true bottom. Based on this, she sees $54,000 as an important level where buyers may step in. However, she warned that the price could drop well below this level and stay there for some time before recovering.

Arizona Moves Closer to Adding XRP to State Crypto Reserve

Lele Jima
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Arizona Moves Closer to Adding XRP to State Crypto Reserve

A critical bill that could allow Arizona to hold cryptocurrencies, including XRP, has recently made significant progress. 

In a landmark development, Arizona Senate Bill 1649 (SB1649) has cleared the House Rules Committee and is now headed to a full House floor vote. This progress follows an earlier milestone when the bill, introduced by Mark Finchem, passed the Senate Finance Committee with a 4–2–1 vote.

Key Points

  • Lawmakers in Arizona are advancing a bill that would allow the state to hold cryptocurrencies, including XRP, in a strategic reserve.
  • The legislation has cleared the House Rules Committee with support from eight lawmakers and now heads to a full House floor vote.
  • Besides XRP, the bill identifies Bitcoin and Monero as eligible reserve assets.
  • It also authorizes the state treasurer to invest reserve holdings to generate returns.

SB1649 Legislation Advances in Arizona House Committee 

Notably, the bill recently passed the House Rules Committee with all eight lawmakers voting in favor. As a result, the legislation will now advance to a full vote on the House floor, marking the next major step before it can become law. 

Arizona Digital Asset Reserve Bill Advances
Arizona Digital Asset Reserve Bill Advances

Under the proposal, the state would be allowed to retain digital assets, including XRP, obtained through confiscation, surrender, or other legal processes. Currently, authorities typically auction such assets. However, SB1649 would allow Arizona to hold them as part of a long-term strategic reserve.

The State Treasurer would administer the fund and could include several cryptocurrencies that meet a defined cryptocurrency fair value threshold. This threshold evaluates an asset’s economic and technical strength based on factors such as adoption levels, annual transaction volume, total transaction value, and ecosystem development.

XRP Named Among Reserve Assets

Importantly, XRP appears among the cryptocurrencies eligible for inclusion in the reserve. In addition to XRP and Bitcoin, the bill mentions assets such as NEAR Protocol, Nano, and Monero.

Furthermore, the legislation allows the state treasurer to invest assets held in the fund to generate returns. However, the proposal clearly states that any investment activity must avoid increasing the state’s financial risk.

The inclusion of XRP in the proposal signals growing institutional recognition of the asset in government policy discussions.

Next Steps

Although SB1649 has passed the House Rules Committee, it must still secure approval through a full vote in the House. If lawmakers approve it, the bill will move to the governor’s desk for final consideration and possible signing into law.

If enacted, the legislation would establish a Digital Assets Strategic Reserve Fund, enabling the state to retain certain cryptocurrencies, such as XRP and Bitcoin, rather than sell them at auction. 

XRP Inclusion in Digital Asset Reserve Initiative 

Notably, both XRP and Bitcoin have increasingly appeared in discussions at the national and state levels about digital asset reserves. This trend accelerated during Donald Trump’s presidential campaign and continued after he assumed office. 

Following through on campaign pledges, Trump signed an executive order creating a Strategic Bitcoin Reserve and a broader digital asset stockpile that could include XRP.

Meanwhile, Arizona lawmakers are also advancing Arizona Senate Bill 1042, which would allow the state to invest up to 10% of its public funds in cryptocurrencies. These proposals place Arizona among the states exploring deeper integration of digital assets into public finance. 

XRP Faces Make-or-Break Moment, Needs To Hold Support Around the July 2023 High

Mark Brennan
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XRP Faces Make-or-Break Moment, Needs To Hold Support Around the July 2023 High

XRP currently faces a make-or-break moment, but it must hold above the July 2023 peak to maintain the current Elliott Wave structure.

XRP has continued to face sustained declines, down more than 26% this year alone. Amid the ongoing downtrend, data shows XRP has not displayed the sort of bullish diagonal setup recorded by other altcoins, placing it in a make-or-break situation at the moment.

Key Points

  • XRP remains below the key resistance zone between $1.40 and $1.50, which must be reclaimed for bullish continuation.
  • The current price structure consists of three-wave patterns rather than a five-wave impulse, indicating a corrective and weaker market phase.
  • A confirmed higher timeframe close above $1.50 could signal the start of stronger upward momentum.
  • If XRP loses its current support, data highlights downside targets near $1.146 and $0.884.
  • The broader bullish structure remains valid only if XRP holds above the critical $0.93 level, which acts as the main invalidation point.

XRP In a Make-or-Break Position 

Market watcher Hov revealed this in a recent analysis, pointing out that XRP is not showing the same strength as other altcoins. 

While some cryptocurrencies have formed clear upward patterns from their recent lows, XRP has not followed that path. Instead, its price movement has remained uneven during the current market slowdown.

Hov had earlier expected XRP to push higher and complete a fifth wave from its recent bottom, which would have confirmed a stronger upward trend. However, this move has not happened. XRP continues to trade in a way that lacks strong momentum instead of moving with a clear direction.

This puts the asset in a delicate make-or-break position. According to Hov, XRP is now trying to hold an important support level on the higher timeframes, but without stronger buying pressure, the risk of further decline remains.

XRP Price Structure Points to a Corrective Phase

Hov’s chart shows that XRP’s movement from its recent low is made up of smaller three-wave patterns instead of a strong five-wave move. These three-wave moves, which he labeled as W-X-Y, usually suggest a temporary bounce rather than a full trend reversal.

XRP 1W Chart Hov
XRP 1W Chart | Hov

The chart shows several of these corrective waves, including (w), (x), and (y). For context, these patterns indicate choppy and overlapping price action, which often shows uncertainty in the market. Hov sees this as a sign that XRP is still in a correction phase, not starting a strong upward move.

Despite this, he confirmed that he does not rule out a recovery. The analyst clarified that XRP still has a chance to turn things around, but it needs to act quickly. If the price continues moving in this weak structure, the chances of a drop become higher.

The $1.50 Level Remains the Key Barrier

Hov highlighted a major resistance zone around $1.50, which he identified on the chart as a box ranging roughly between $1.40 and $1.50. XRP is currently trading around $1.33, which places it just below this important level. According to him, this area will decide the next major move.

If XRP manages to break above $1.50 and close there on a higher timeframe, it could indicate a positive change in momentum. In this case, the price could move toward $1.80, which aligns with earlier expectations for a continuation higher.

However, if XRP fails to reclaim this zone, the current weakness may continue. Hov warned that the price is only just holding above key support, and losing it could lead to further downside. The chart also shows nearby support levels at $1.146, which marks the 0.5 Fibonacci level, and $0.884, which aligns with the 0.618 level.

XRP Must Hold Above $0.93

Hov clarified that the downside risk has not gone away. If XRP closes below its current support zone on a higher timeframe, the chances of a deeper drop increase. The volume profile on the chart also shows less support below the current price, which could allow the price to fall faster if selling pressure grows.

The broader chart shows that XRP has struggled in the past to maintain upward moves after sharp rallies. The current setup looks similar to previous periods where the price moved sideways or lower after failing to build strong momentum.

Hov’s chart suggests that XRP trades within a large 5-phase Elliott Wave structure, currently within a corrective Wave 4. After this, Wave 5 Targets a new ATH of around $8.1. He insisted that this structure remains intact as long as XRP holds above the Wave 1 peak of $0.93, which XRP recorded in July 2023. 

Cardano Founder Says Even If Clarity Act Passes, It Could Take Years of Rulemaking

Abdulkarim Abdulwahab
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0
Cardano Founder Says Even If Clarity Act Passes, It Could Take Years of Rulemaking

Charles Hoskinson, the founder of Cardano, has raised fresh concerns about the future of the Clarity Act.

Specifically, he argues that even if the bill becomes law, its real impact could be delayed for years. Hoskinson argued that the legislation faces both political and structural hurdles.

Key Points

  • Cardano founder Charles Hoskinson says the Clarity Act could take years to impact the crypto industry.
  • He noted post-passage rulemaking by U.S. regulators may delay the clarity firms are urgently seeking.
  • Hoskinson also accuses Coinbase of opposing parts of the bill to protect stablecoin revenue streams.
  • He cautions that the bill could expose DeFi developers to legal risks and hinder long-term innovation.

Rulemaking Could Delay Real Impact

Hoskinson’s comments highlight a key issue often overlooked in crypto regulation debates: passing a bill is only the beginning. After approval, agencies like the U.S. SEC and CFTC would need to define and implement detailed rules.

This process can take years, meaning the clarity the industry is hoping for may not arrive anytime soon. For crypto firms seeking immediate regulatory certainty, this delay could extend the current period of uncertainty.

Coinbase Accused of Slowing Progress

Hoskinson also took aim at Coinbase, accusing the exchange of putting its own financial interests ahead of industry progress.

According to him, Coinbase’s resistance to parts of the Clarity Act is less about regulatory principles and more about protecting revenue from stablecoin yields. He claimed the company is primarily concerned with maintaining returns from products linked to USDC.

Stablecoins have become a major source of income for Coinbase, with reports suggesting billions in revenue from reserve-backed earnings. Any restrictions on yield programs could significantly affect that business model.

Concerns Over DeFi and Developer Liability

Beyond stablecoins, Hoskinson warned that the bill could create bigger structural risks for the crypto ecosystem. He criticized provisions that could treat many tokens as securities by default and remove protections for decentralized finance developers.

In his view, this approach could expose developers to excessive legal liability, even for how others use their open-source code. He compared it to holding an author responsible for how readers interpret or act on a book.

He also cautioned that once such a framework becomes law, it could be difficult to reverse. Drawing parallels to long-standing financial regulations, Hoskinson suggested that flawed rules could remain in place for decades and eventually be used in ways that harm innovation.

Other industry leaders, such as Ripple CEO Brad Garlinghouse, believe the current bill is usable as is. He argues that clarity is better than chaos.

Meanwhile, Hoskinson has strongly opposed this view, saying Garlinghouse supports the current bill because XRP already received a “free pass,” stressing that newer projects are at risk.

Uncertain Path Ahead

The Clarity Act continues to move through the legislative process, with further discussions expected in the Senate. Even if the bill passes, the combination of political uncertainty, regulatory delays, and industry disagreements suggests that true clarity for digital assets in the United States may still be a long way off.

Shiba Inu Burn Rate Crashes 98% from March Peak

Elendu Benedict
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0
Shiba Inu Burn Rate Crashes 98% from March Peak

The Shiba Inu burn rate has dropped drastically from March’s peak, as the community temporarily pulls back from its token incineration commitment.

The rate at which more Shiba Inu (SHIB) tokens are being chalked off from circulation has slowed. Data fetched from a community-driven Shiba burn tracker shows a staggering 98% reduction in burn rates from the highest levels seen in March.

Key Points

  • Shiba Inu burn rates have dropped by 98% from March’s peak of 54.69 million to 940,326 on March 31.
  • Generally, March saw a lower total token burn than February.
  • The tracker website notes that it would take 331,285 years at March’s burn rate to destroy 90% of Shiba Inu’s supply.
  • The burn rate has spiked today, increasing 578% in the past 24 hours.
  • So far, a total of 410.49 trillion Shiba Inu tokens have been burned since inception.
  • Amid inconsistencies in Shiba Inu burning, tokens are flooding exchanges.

Shiba Inu Burn Rate Slows

The peak for last month was on March 15, when the community burned a total of 54,693,900 SHIB tokens. However, by March 31, burns had dropped to 940,326 SHIB, a clear indication that enthusiasm has receded significantly.

Shiba Inu Burn Rate Drop/Shiba Burn Tracker
Shiba Inu Burn Rate Drop/Shiba Burn Tracker

Generally, March saw a lower total token burn than the prior month. It concluded yesterday, and 133,456,071 tokens were incinerated over 156 transactions. In contrast, the community burned 160,123,152 SHIB in February over 85 transactions, representing a 16.6% drop.

Besides the March 15 spike, there were also notable burn days. On March 11, the community transferred 6.85 million SHIB tokens to the burn address. On March 22, the number grew higher to 9.13 billion tokens, and on March 25, enthusiasts destroyed 15.9 million tokens.

However, by the end of the month, burn rates dropped considerably, reaching as low as 98% from their peak day. This has raised the question of whether the burns are really sustainable and would have the impact on price that proponents desire. The tracker website noted that it would take 331,285 years at March’s burn rate to destroy 90% of Shiba Inu’s supply.

There’s a Catch

Nonetheless, April has started strong. The burn rate has spiked today, increasing 578% in the past 24 hours, with 6,380,370 tokens burned so far.

Further analysis shows that these burns occurred over five different transactions, with one wallet sending 5,032,628 SHIB to the dead wallet. Another address burned 1 million tokens, with others involving smaller amounts of the meme coin. This start is fueling optimism that the community will outdo its performance in March.

So far, a total of 410.49 trillion Shiba Inu tokens have been burned since inception, accounting for 41% of the total 999.9 trillion SHIB created. This leaves 589.4 trillion tokens available.

Fresh Shiba Inu Selling Pressure

Amid inconsistencies in Shiba Inu burns, tokens are flooding exchanges. CryptoQuant data shows an exchange netflow of 137,629,300,000 SHIB in the past 24 hours, a 35% increase.

Shiba Inu Key Metrics/CryptoQuant
Shiba Inu Key Metrics/CryptoQuant

This suggests that 137.6 billion more tokens entered trading platforms after inflows were subtracted from outflows. Such a spike signals that holders are increasingly willing to sell their stash, hence their relocation to platforms where they can do so easily. 

Meanwhile, the increase in the exchange reserve to 81.28 trillion further confirms this. Such an influx brings renewed selling pressure on Shiba Inu, which has risen 1.6% in the past 24 hours, joining the broader market trend.

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