Ripple Ally SBI Holdings Chair Bullish On CLARITY Act Despite Crypto Bloodbath

The crypto market has experienced a gigantic sell-off in digital assets amid growing geopolitical tensions. However, Ripple affiliate SBI Holdings Chairman Yoshitaka Kitao has expressed high confidence in the CLARITY Act and the future of the crypto industry.

Ripple Partner SBI Holdings Chairman Offers Take On CLARITY Act

Kitao’s remarks come shortly after the Digital Asset Market CLARITY Act was officially added to the U.S. Senate Legislative Calendar under General Orders as Calendar No. 423. The action brings the bill one step closer to being on the Senate floor when lawmakers return to Washington on June 3.

The bill previously passed the Senate Banking Committee in a bipartisan 15-9 vote on May 14. It was approved with an amendment in the nature of a substitute clause. Now, Congress is preparing the committee report that incorporates all the amendments that were accepted by the committee during the Senate’s markup process.

Amid the ongoing volatility in the market, Kitao also said that he’s confident on the fundamentals of cryptocurrencies. In addition, he expects the progress of the CLARITY Act to positively impact Ripple and the entire crypto industry.

“From a fundamental perspective, there are no concerns whatsoever, and I am convinced that if the Clarity Act is enacted in the United States, it will bring a positive impact to the cryptocurrency market, including Ripple,” he stated.

The AI Factor In Focus Amid Market Downturn

Meanwhile, Kitao attributed the ongoing slowdown in the crypto market to institutional capital rotation in anticipation of several big tech IPOs in the U.S. market.

“Although the cryptocurrency market is declining overall, the reason is believed to be that institutional investors and others are raising funds for acquiring shares in the three major upcoming IPOs of SpaceX, Anthropic, and OpenAI,” Kitao wrote in a post on X.

His comments grabbed the spotlight in the wake of SBI Holdings’ recent partnership with AI firm Anthropic. The Ripple ally has recently announced a partnership to deploy Anthropic’s Claude AI platform company-wide. Moreover, SBI became the first financial group in Japan to do so.

The integration will enable SBI Holdings to use AI in its banking, securities, insurance, asset management, crypto, and media operations. Further, the company will also conduct research on the development of financial services based on artificial intelligence.

However, the rest of the crypto sector continues to suffer. The crypto market crash has led to wiping out of almost $200 billion in value over the last 24 hours. Bitcoin led the bearish sentiment as the BTC price dropped below $66,000. Ethereum, XRP, Solana and other cryptocurrencies also fell drastically.

The selloff has been attributed to a surge in geopolitical uncertainties from the U.S.-Iran conflict. The reports of Iran’s suspension of talks with the U.S. exacerbated the issue. Oil prices also rose massively as markets entered a risk-off mode after worries over the disruption in the Strait of Hormuz.

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