John Squire, prominent crypto analyst (@TheCryptoSquire), has expressed strong optimism regarding the potential impact of a recent development on XRP. He highlights rising institutional activity and the upcoming ISO 20022 standard adoption as key factors driving this shift, placing XRP at its center. 🇺🇸 💰
Squire believes this new regulatory landscape opens doors for XRP’s success. The CFTC Chairman stated that major banks will accelerate their cryptocurrency and Bitcoin services, enabling assets like #XRP with institutional focus and ISO 20022 readiness to flourish.
CFTC Chairman Supports Institutional Expansion
CFTC Commissioner Caroline Pham also provided context on this change. She explained that past rules prohibited banks from engaging in digital asset activities without a letter of non-objection from bank regulators, which was known as the infamous SAB 121. This rule has been rescinded, paving the way for greater action by major institutions.
Pham emphasized that while some institutions had remained inactive, the market will see increased activity with banks scaling their operations and deploying new solutions. She highlighted that much of the work occurred through portfolio companies and strategic equity investments. 🤝
Why This Matters For XRP
Squire links these developments to XRP’s focus on institutional payments. Ripple’s technology aligns with ISO 20022, which supports structured financial data, ensuring smooth transactions. Banks are preparing for the transition to the new standard by November 22nd. This creates an advantage for assets like XRP.
Pham’s comments strengthen Squire’s argument. She outlined that banks can proceed with real activity once regulators have confidence in their risk governance frameworks. This marks a significant shift, enabling greater institutional engagement and fueling XRP’s potential.