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SEC Moves to Allow Stocks Trade Like Crypto Assets

Abdulkarim Abdulwahab
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SEC Moves to Allow Stocks Trade Like Crypto Assets

The U.S. Securities and Exchange Commission (SEC) is preparing to take a historic step by allowing stocks to trade on blockchain networks.

According to The Information, SEC staff are working on a plan to let equities operate “like cryptocurrencies”. Specifically, the move will enable faster settlement, lower costs, and 24/7 trading.

This effort comes as part of the broader Project Crypto initiative, which SEC Chair Paul Atkins launched in August to modernize securities law and bring U.S. financial markets on-chain.

Pushback From Wall Street Giants

However, despite the momentum, traditional financial players are mounting resistance. Firms such as Citadel Securities and other major brokerages reportedly oppose the plan. They warn that it could disrupt existing market structures and threaten their entrenched roles as intermediaries.

In addition, industry lobbyists have raised concerns that tokenized stocks might blur lines around investor protections, custody requirements, and clearing systems. This echoes similar objections raised by the World Federation of Exchanges (WFE) in its recent letter urging regulators to slow down tokenization.

Coinbase and Robinhood at the Forefront

The SEC’s internal discussions come at a time when crypto firms are already pushing into tokenized equities. Specifically, Coinbase is seeking permission to offer U.S. stocks on-chain, while Robinhood has launched tokenized shares for European customers. Both firms are betting that the future of equities trading lies in blockchain rails.

An SEC approval would put Coinbase and Robinhood in a first-mover position on U.S. soil. In turn, it will also create a path for Wall Street incumbents to pivot into tokenization under clearer rules.

SEC’s Project Crypto Vision

Under Atkins, the SEC plans to update rules around custody, securities, and market systems to support tokenized assets. It’s also looking at easier licensing for “super apps.”

These apps would let users trade crypto, tokenized stocks, bonds, and DeFi products all under one set of rules.

Meanwhile, the U.S. SEC is also preparing to introduce an “innovation exemption” by December to allow crypto firms to launch products without facing heavy regulations.

Atkins acknowledges that current rules hinder blockchain innovation and aims to draft new, crypto-friendly regulations in the coming months. He advocates for the U.S. to become a global leader in digital assets, drawing inspiration from the EU’s MiCA framework.

FTX to Release $1.6 Billion to Creditors Today

Sam Wisdom Raphael
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FTX to Release $1.6 Billion to Creditors Today

FTX will send out $1.6 billion to creditors today, Sept. 30, representing another major step in its ongoing recovery process. 

Notably, the company first revealed the plan in a Sept. 19 announcement, saying it would begin its third round of distributions under the Chapter 11 reorganization plan.

FTX to Begin Third Payout Round Today

FTX confirmed that eligible creditors who completed all the required steps, such as identity checks, tax forms, and onboarding with a partner, will now receive payments. BitGo, Kraken, and Payoneer will handle the transfers, and creditors can expect the money in their accounts within one to three business days. 

Creditors were prompted to choose one of these providers, essentially agreeing to receive payments directly through them rather than from FTX itself.

For context, this third round covers several categories of claims. Specifically, customers with dotcom claims will receive another 6%, which brings their total recovery to 78%. U.S. customers will get 40% this round, raising their recovery to 95% overall. 

Meanwhile, unsecured creditors and those with digital asset loan claims will each receive 24%, pushing their total to 85%. Finally, convenience claimants will get a full payout at 120%.

FTX told creditors that anyone hoping to take part in future payouts must log in through the FTX Customer Portal, finish the verification process, submit tax documents, and complete onboarding with one of the three approved providers. For transferred claims, only the registered claim holder as of the distribution date will receive funds.

Market Bracing for Liquidity

The new payout has already drawn attention across the crypto community. Market commentator Lark Davis said the $1.6 billion in stablecoins could bring an important boost of liquidity to a market that continues to struggle. 

He noted that the timing looks especially favorable, as the fresh capital arrives just as “Uptober” begins, a month linked with bullish momentum in crypto trading.

FTX Distribution Case

For the uninitiated, today’s distribution builds on a series of recovery steps that began last year. On Oct. 7, 2024, the U.S. Bankruptcy Court approved FTX’s reorganization plan, which promised between $14.7 billion and $16.5 billion in payouts. 

The plan set expectations that 98% of creditors would recover about 119% of their allowed claims within 60 days of the effective date.

The plan took effect on Jan. 3, 2025, leading to the first phase of payments. By February, FTX had already released $1.2 billion to convenience class creditors through service providers like Kraken and BitGo. In March, the company announced it would begin paying larger creditor groups on May 30, using $11.4 billion in recovered cash.

This second round in May delivered $5 billion to main creditors and unsecured claimants, raising the total distributed funds to $6.2 billion. Some creditors recovered as much as 120% of their verified claims. Meanwhile, by late July, the bankruptcy court reduced the disputed claims reserve by $1.9 billion, freeing up money for the next stage.

Analyst Explains Why an XRP Flush-Out Is Better Than a Quick Pump

Abdulkarim Abdulwahab
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Analyst Explains Why an XRP Flush-Out Is Better Than a Quick Pump

XRP permabull Egrag has argued that a market “flush-out,” temporary price drop, would be more beneficial for XRP’s long-term health than a sudden upward spike.

He shared this view in a post to his followers on X, where he laid out his latest technical outlook on XRP.

As XRP struggles to break through strong resistance, Egrag’s take adds a more cautious voice to the growing excitement about a possible rally.

Healthy Structure Over Hype

Egrag maintains that his long-term bullish stance on XRP remains unchanged. Meanwhile, he emphasizes that the path to higher prices is as important as the destination. 

To him, a 70% likelihood exists for XRP to experience one more flush-out before initiating a meaningful uptrend. On the other hand, there’s only a 30% chance that the token could pump hard in the near term, a move he warns could even lead to a strong correction.

He believes a slow, steady rise after a healthy price drop builds a stronger foundation for long-term growth.

XRP Fair Value Gap Target: $2.35–$2.40

Central to Egrag’s analysis is the concept of the Fair Value Gap (FVG), a price range that the market has yet to revisit after the rapid move to $3.66. He points to the $2.35–$2.40 range as a key area where XRP might pull back before climbing higher again.

XRP chart by Egrag
XRP chart by Egrag

This idea ties into the principle of mean reversion, where prices return to their average over time. Egrag believes filling this gap could help stabilize the market and form a solid bottom. 

When Will This Happen?

While avoiding making firm predictions on exact timing, Egrag notes that past gap fills on the 3-day chart have taken about 129 days in the past. Based on that, a move into the $2.30 range could happen around mid-November. Still, he emphasizes that price structure matters more than timing.

The analyst is currently watching for a drop to $2.65, which he believes could act as a preliminary support level. However, his main focus is on the deeper Fair Value Gap. With XRP around $2.85 today, this calls for a 17.5% price drop.

Setting for What’s to Come

While the projected outcome could cause holders pain, it could also lead to a long-term bullish breakout for XRP. 

Many retail investors are in high hopes of an XRP pump as the month of October enters, which promises to usher in ETFs. But some are now warning about a sell-the-news event where the price may fail to move substantially after the news everyone has been expecting finally hits. 

Interestingly, amid the current conditions, some prominent traders have been opening massive shorts on XRP, betting millions of dollars on single trades.

Millionaire Trader Says XRP Next Leg Will Be Fast and Aggressive

Abdulkarim Abdulwahab
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Millionaire Trader Says XRP Next Leg Will Be Fast and Aggressive

Widely followed trader Altcoin Gordon believes the next move for XRP will leave little time for hesitation.

In a recent post on X, he cautioned that the token’s upcoming leg higher will be “fast and aggressive,” stressing that traders must position themselves before the breakout or risk chasing after the surge.

The commentary comes as XRP continues to hover below $3, with no significant price leap over the past 30 days or throughout September.

In his post, Gordon shared a chart showing XRP approaching a breakout point, as the price has moved in a converging downtrend since July, when it crossed $3.60.

It’s been over two months since then, and optimism is high that a massive breakout is imminent, supported by both technical and fundamental indicators.

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XRP to Hit $4

According to Gordon, those not taking a position in XRP now will have only themselves to blame when the coin becomes more expensive than it currently is. “Connect the dots or stay broke,” he wrote.

Notably, the highlighted chart suggests XRP may retest its swing high of $3.66 in the next major rebound.

Tracking platform CoinCodex shared a similar perspective in a reply to Gordon’s post. It disclosed that its algorithm expects XRP to hit $4 over the next six months.

XRP Compression and Breakout Setup

Meanwhile, technical setups point to XRP being on the verge of a major expansionary move. In a recent update, Sistine Research highlighted that XRP has entered its third major compression phase since the last U.S. election cycle.

Historically, such tight trading ranges precede explosive breakouts, as seen in 2017 and again in late 2024, when XRP surged from $0.50 to above $3.40 within weeks.

This time, Sistine Research described the pattern as the “tightest and most explosive yet,” suggesting a major rally could unfold at any moment.

Analysts have cited potential targets ranging from $8 to as high as $33, based on Fibonacci extensions and past cycle behaviors.

Familiar Pattern, Familiar Outcome?

Adding to this outlook, economist Mikybull recently pointed to XRP’s price action moving within a descending channel, while its long-term moving average trends upward. He noted that similar conditions in mid-2024 saw bearish sentiment peak, only for XRP to break out with strength, resulting in a 7x surge.

This tends to reinforce Gordon’s warning that when XRP does move, the rally may be sharp and could catch latecomers off guard.

Whales Quietly Accumulating

Also, on-chain data also signals growing confidence among large investors. Santiment data shows that whales holding between 10 million and 100 million XRP accumulated over $300 million worth of XRP tokens in just three days. Their collective holdings, now above 7.9 billion XRP, are at levels not seen since August—when their buying activity preceded a strong rally.

Furthermore, market sentiment is being shaped by the anticipated arrival of XRP ETFs. With the SEC set to deliver a decision in October, many see approval as a potential game-changer that could bring institutional inflows into the asset.

Meanwhile, some skeptical voices replying to Gordon’s tweet argue that market participants should use the next pump to exit XRP, citing historical trends where the coin crashes by 90% after a blow-off top.

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Source: https://x.com/MASTERBTCLTC/status/1972613938895589644

Analyst Says XRP Will Have a ‘Fast, Unexpected, and Unforgiving’ Moment

Sam Wisdom Raphael
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Analyst Says XRP Will Have a ‘Fast, Unexpected, and Unforgiving’ Moment

A notable market analyst has suggested that XRP will have its own moment, but he insists that only a certain category of people will take advantage of it.

This commentary came from Coach JV, a well-known finance coach, amid the ongoing market struggles that have kept XRP below the $3 psychological price level. For context, XRP relinquished the $3 mark on Sept. 23 on the back of a broader market downtrend and has since failed to recover the region despite a mild rebound push across the market.

 

XRP Will Have a “Fast, Unexpected” Moment

Specifically, Bitcoin (BTC) recently jumped above $114,000 while Ethereum (ETH) reclaimed $4,200. As XRP still battles the bears below $3, Coach JV insists that the altcoin will also have its moment. However, according to the financial analyst, XRP’s case will be unique in that it will be “fast, unexpected, and unforgiving.”

This suggestion builds on the common sentiment that XRP tends to lag when the broader market recovers. However, once it chooses to follow suit, its uptick is typically more brutal, sharper, and more explosive, allowing it to catch up and overtake the broader market.

Notably, this pattern played out during the 2017/2018 bull market run. Specifically, while the rest of the market recovered at the start of 2017, XRP saw declines until March 2017, when it saw a massive explosive rally, jumping 66,100% to $3.31 in less than a year. This allowed it to outperform the market in 2017.

Most recently, XRP observed a similar run after underperforming in comparison to the rest of the market throughout 2024. By November 2024, the altcoin exploded, soaring to a peak of $3.4 in January 2025 and outperforming the rest of the market again. These patterns have contributed to Coach JV’s conviction of an imminent “unforgiving” run for XRP.

Here’s How to Leverage This Run

However, the market expert does not expect everyone to benefit from this event. According to him, those who will take advantage of this rally will not be the smartest traders but the “most disciplined” HODLers.

Notably, most market participants attempt to time the market during a bull run, looking out for the perfect moment to enter and the perfect moment to sell off their bags at the highest possible profit. Coach JV said these individuals will likely miss the run, insisting that the investors who will win are those who have “mastered patience.”

Considering XRP’s knack for sudden, rapid price spikes, those looking for the perfect entry may miss the moment due to such sudden surges. Instead, the market is likely to reward investors who purchase when the market is at its lowest and sentiment is down. 

In a classic case, any investor who acquired XRP at $0.47 in July 2024 with $50,000 would today be sitting at over $300,000 due to patience. “When it moves… it’s too late to get ready,” Coach JV warned, advising market participants to prepare mentally, physically, and spiritually beforehand.

Top Trader Who Bet Against XRP Has Now Lost Millions

Lele Jima
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Top Trader Who Bet Against XRP Has Now Lost Millions

Renowned crypto trader Qwatio has once again suffered a significant liquidation on his massive XRP short position, pushing his total losses beyond $3.6 million. 

As previously reported, Qwatio opened a 20x leveraged short position on 6.17 million XRP (appr. $17.6 million). Qwatio bet that XRP would drop below their entry at $2.8519, while setting a liquidation target at $2.9155. 

XRP Modest Gains Partially Liquidate Trader 

However, things didn’t go as planned, as XRP posted modest gains yesterday, climbing to a daily high of $2.92. This closed Qwatio’s position at $2.9154, locking in a realized loss of more than $83,223. 

According to Lookonchain data, Qwatio still has an active trade of roughly 4.98 million XRP, worth $14.34 million. The position, which has a liquidation target of $2.932, has already recorded an unrealized loss of $145,338. 

Before the latest liquidation, Qwatio had already incurred losses of $3.4 million from closing short positions on XRP and Bitcoin. With the recent setback added, the trader’s total losses have now exceeded $3.6 million, according to Lookonchain. 

XRP Liquidation Surpasses $7M 

In the meantime, XRP has pulled back from its daily high of $2.92 to $2.87. It is currently down 0.42% over the past 24 hours. Conversely, the token has registered a modest gain of 0.35% in the past week and has also rallied 1.51% in the past month. 

XRP leveraged traders have collectively lost over $7 million over the past day, with $5.3 million coming from long positions and $2.02 million from shorts. 

A push toward the $2.93 level, which is near Qwatio’s liquidation target of ($2.932) on his $14.34 million short, could trigger the liquidation of an additional $41.39 million in overall short positions. Conversely, if the price retraces to $2.80, more than $86 million in long positions would be wiped out.

Meanwhile, the $7.2 million in liquidations faced by XRP leveraged traders is a minor figure compared to the total reported across the broader crypto market. Notably, roughly $338 million has been wiped out across the wider market in the past 24 hours. Of this total, long positions accounted for $158.46 million, while shorts saw $179 million liquidated.

Turkey Eyes Tougher AML Rules with Crypto Freeze Powers

Zabi
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Turkey Eyes Tougher AML Rules with Crypto Freeze Powers

The Turkish government is drafting legislation that would allow its financial crime watchdog, MASAK, to freeze cryptocurrency accounts, part of efforts to combat money laundering and financial fraud.

According to a report by Bloomberg, the bill is set to be introduced in the Grand National Assembly in the coming months. Although an exact timeline has not been given, officials say the law is designed to strengthen oversight of digital assets.

The draft legislation expands the mandate of the Financial Crimes Investigation Board (MASAK), Turkey’s primary anti-money laundering authority. Under the proposal, MASAK would be able to freeze or close not only bank accounts but also cryptocurrency wallets linked to illicit transactions.

The measures follow recommendations from the Financial Action Task Force (FATF), the global body that sets standards for combating financial crime.

Focus on Rented Accounts and Online Fraud

A significant aim of the law is to curb the use of “rented accounts”. These accounts are often leased by individuals to criminals who exploit them for activities such as illegal gambling and financial fraud.

The new authority would enable MASAK to freeze both crypto and fiat accounts associated with suspicious behavior, impose limits on questionable transactions, and blacklist wallets connected to criminal activity. 

Officials believe that these steps will close important loopholes that have allowed illicit networks to flourish.

Growing Oversight Since Mid-2025

Although cryptocurrency trading remains legal in Turkey, regulatory scrutiny has increased throughout 2025.

In June, the Finance Ministry announced stricter rules for exchanges. The rules required platforms to collect detailed information on the source and purpose of transactions. The same package also introduced limits on stablecoin transfers, aiming to mitigate risks associated with anonymous or unregulated flows.

A month later, in July, the Capital Markets Board (CMB) moved against unauthorized digital asset services. It blocked access to several platforms that were operating without proper authorization, including PancakeSwap, a well-known decentralized exchange.

While profits from crypto remain untaxed as of October 2024, the government’s message is clear: tighter rules are coming. These steps indicate that Turkish regulators are steadily creating a more regulated environment for digital assets. 

Rising Adoption Amid Lira’s Decline

Despite mounting regulations, cryptocurrency adoption in Turkey has accelerated in recent years. 

In a September report, the Chainalysis Global Crypto Adoption Index ranked the country among the world’s leaders in both retail and institutional activity.

The driving force behind this trend is the severe decline of the Turkish lira. Since 2018, the currency has lost significant value, battered by high inflation, expensive borrowing, and repeated loan defaults.

This erosion has undermined public faith in the lira as a reliable store of value, pushing people to seek alternatives.

For many households, cryptocurrencies such as Bitcoin and dollar-pegged stablecoins have become a safeguard against economic instability. These assets offer protection from domestic monetary shocks and are viewed as a hedge against further depreciation.

The contrast in valuation tells the story: in 2020, one Bitcoin was priced at around 100,000 lira. By September 2025, that figure had surged beyond 4.6 million lira, reflecting both Bitcoin’s growth and the currency’s steep fall.

Analyst Forecasts Shiba Inu Primed for ‘Uptober’ Rally With 2-Year Low in Exchange Reserves

Lele Jima
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Analyst Forecasts Shiba Inu Primed for ‘Uptober’ Rally With 2-Year Low in Exchange Reserves

Top crypto analyst Zayn has suggested that Shiba Inu is poised for an “Uptober” rally, as its exchange reserves hit a two-year low. 

In an X post yesterday, Zayn sparked fresh bullish momentum by revealing that Shiba Inu’s exchange reserves had fallen to 84.55 trillion tokens, marking its lowest level since 2023, two years ago. 

Fewer SHIB Now Available on Exchanges 

CryptoQuant data shows that around 190 trillion SHIB were held on exchanges in January 2023. Since then, the balance has steadily declined, falling to 140 trillion at the start of this year. The downward trend has continued, with exchange reserves now sitting at just 84.49 trillion. 

Shiba Inu exchange reserve
Shiba Inu exchange reserve

Zayn pointed out that the tokens are being moved into self-custody and staking, rather than remaining on centralized exchanges. The falling exchange reserves typically signal reduced selling pressure, as fewer tokens are readily available for sale on exchanges. 

Zayn mentioned that such declines have often preceded accumulation phases, where long-term holders strengthen their positions. With Shiba Inu now entering an accumulation zone, he hinted that conditions may be forming for the next wave of upward momentum. 

Breakout Could Fuel Uptober Rally 

Meanwhile, on the technical side, Zayn noted that SHIB is trading near $0.000011 while moving beneath a descending resistance trendline. He suggested that a decisive breakout above this level could serve as the catalyst for a broader “Uptober” rally.

For context, crypto enthusiasts have used ‘Uptober’ in reference to October, given the month’s reputation for bullish momentum. Historically, October has been bullish for cryptocurrencies, including Shiba Inu. The token’s all-time high of $0.00008845 was recorded in October 2021. 

It also closed October 2022 and 2023 with gains of 10.4% and 6.04%, respectively, while its weakest October rally was last year at just 2.46%. On average, SHIB has posted an impressive 213% growth in Octobers historically. 

Shiba Inu Lackluster Performance Continues 

While this does not guarantee Shiba Inu will post substantial gains next month, the broader crypto community remains bullish on Q4 2025, which begins on October 1. Speculation suggests that the next phase of the 2025 rally will kick off next month. 

The market is already showing signs of optimism, with several assets posting modest gains. However, Shiba Inu has yet to benefit from the rally. 

After briefly climbing above $0.000012 yesterday, SHIB has since pulled back to $0.00001187, where it trades at the time of writing. 

Kazakhstan Launches First Crypto Reserve with BNB

Mark Brennan
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Kazakhstan Launches First Crypto Reserve with BNB

Kazakhstan has launched its first state-supported cryptocurrency reserve, seeded with Binance Coin (BNB).

The move marks another significant step in the country’s fast-developing digital asset strategy.

On Monday, Kazakhstan’s Ministry of Artificial Intelligence and Digital Development announced the creation of the Alem Crypto Fund. Qazaqstan Venture manages the fund under the Astana International Financial Centre.

According to the ministry, the fund’s primary mission is to build long-term holdings of digital assets and establish strategic reserves for the future. Its first purchase is BNB, the token closely associated with Binance.

The government named Binance Kazakhstan as the fund’s strategic partner. Binance Kazakhstan is a locally licensed subsidiary of the global Binance network and will operate in accordance with Kazakhstan’s regulatory framework.

The announcement did not reveal the size of the initial investment or whether other cryptocurrencies will be added.

Part of a Wider Digital Push

This launch comes less than a week after Kazakhstan introduced its own Tenge-backed digital currency, KZTE. It is developed on the Solana blockchain in partnership with Mastercard, Intebix, and Eurasian Bank.

In May 2025, the government also revealed plans for “CryptoCity,” a pilot zone where businesses will be able to conduct payments using digital assets. 

Earlier this month, President Kassym-Jomart Tokayev urged lawmakers to prepare legislation for a strategic crypto reserve and a comprehensive digital asset ecosystem by 2026.

These initiatives reflect a coordinated effort to position Kazakhstan as a regional hub for digital finance.

Strong Mining Roots, Regulatory Challenges

Kazakhstan’s embrace of digital assets is rooted in its strong position in crypto mining. In 2021, the country ranked second worldwide in Bitcoin hashrate, after China’s mining crackdown redirected operations to Central Asia.

But the growth also triggered regulatory concerns. In 2024, authorities shut down 36 unlicensed exchanges, with President Tokayev calling for stricter oversight and transparent rules. The Alem Cryptocurrency Fund is part of this shift toward state-supervised participation in cryptocurrency, striking a balance between innovation and control.

From Binance Partnership to National Reserve

Kazakhstan has a longstanding collaboration with Binance. In 2022, founder Changpeng Zhao signed a memorandum of understanding with the government to help design a regulatory framework for digital assets. The new fund strengthens that partnership by placing BNB at the center of the reserve’s holdings.

Reports earlier this year suggested the National Bank of Kazakhstan was considering a state-run crypto reserve funded with seized assets and mining revenues. While the Alem Crypto Fund is not a central bank reserve, it signals progress toward that broader goal.

Global Context

In 2021, El Salvador became the first country to launch a state-backed Bitcoin reserve and made Bitcoin legal tender.

Bhutan, though less vocal, has been quietly accumulating Bitcoin through state-backed mining projects since 2019.

Meanwhile, Brazil and Indonesia have been studying potential frameworks for building national reserves of digital assets.

SWIFT Using XRP Narrative Just Officially Collapsed: Details

Abdulkarim Abdulwahab
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SWIFT Using XRP Narrative Just Officially Collapsed: Details

SWIFT’s new blockchain ledger announcement has thrown cold water on the long-standing XRP narratives that it would one day replace the global payments giant, or used by it for payments.

Instead, the financial messaging leader is moving to reinvent itself in the blockchain era.

SWIFT Pushes into Blockchain

At its annual conference in Frankfurt, SWIFT unveiled plans to add a blockchain-based shared ledger to its infrastructure stack.

Notably, over 30 global financial institutions support this infrastructure. Prominent names among them include JPMorgan, HSBC, Santander, and Deutsche Bank.

The ledger will serve as a real-time, always-on log of cross-border transactions. The prototype, designed in collaboration with Consensys, seeks to deliver interoperability between existing fiat rails and digital asset ecosystems.

Moreover, smart contracts will govern transaction rules, while the ledger records and validates payments across networks.

SWIFT CEO Javier Pérez-Tasso framed the move as “paving the way for financial institutions to take the payments experience to the next level.”

Ripple’s Longstanding Pitch

Notably, for years, Ripple has marketed XRP and its underlying technology as a faster, cheaper, blockchain-powered alternative to SWIFT. Pantera Capital’s Dan Morehead recently summarized this view on CNBC, saying Ripple is “going after SWIFT.”

Ripple executives have also embraced this framing. In January, Senior VP Eric van Miltenburg said Ripple is building a “SWIFT-like update,” while CEO Brad Garlinghouse claimed the XRP Ledger could “capture 14% of SWIFT’s” transaction volume in five years.

However, with SWIFT now launching its own blockchain ledger, the argument that XRP will outright replace the incumbent faces new headwinds.

Community Reactions: “SWIFT Literally Destroyed the XRP Thesis”

The announcement has triggered intense discussion within the crypto community, particularly from the Chainlink camp, given its ongoing partnership with SWIFT. Proponents have taken jabs at the XRP community, saying their long-held ambition is collapsing before their eyes.

Specifically, Zach Rynes, a Chainlink community liaison, wrote on X that “XRP maxis just got completely BTFO” by SWIFT’s move. Another commentator remarked that SWIFT has “literally destroyed the XRP Thesis.”

Rynes has often said that betting on XRP means hoping institutions will choose XRPL as their main ledger, a notion he considers far-fetched, given that institutions have the option to build their own chains rather than rely on existing ones.

Meanwhile, X user Krut noted that XRP holders were sold the fantasy that XRP would replace the SWIFT payment system and traditional banks. He criticized this belief as arrogant and misguided.

Krut pointed out how unrealistic it is to expect trillion-dollar financial institutions to willingly relinquish control to a new market entrant.

Instead, the more likely, and now unfolding, reality is that existing institutions are upgrading their infrastructure and adopting blockchain protocols to bring assets on-chain. At the same time, they are maintaining control over the market.

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