Crypto pundit Pumpius has revealed how the CLARITY Act represents a “massive” win for XRP with key provisions to protect its ecosystem. He also alluded to another recent development, which will enable the altcoin to take over the global financial system.
Pundit Highlights CLARITY Act As A Major Win For XRP
In an X post, Pumpius alluded to section 604 of the CLARITY Act as a massive win for XRP. The section focuses on the Blockchain Regulatory Certainty Act, which protects crypto developers. He noted that if someone builds an open-source blockchain software and does not control users’ funds, then they will not be classified as a money transmitter.
Furthermore, these developers won’t have any obligations to the FinCEN or be subject to federal criminal law or state registration rules. Pumpius declared that writing code is not money transmission, nor is building self-custody tools or running nodes. As such, this is expected to build the confidence of developers in the XRP Ledger ecosystem.
Pumpius noted that for years, developers have lived in fear that publishing code could cause legal trouble, but now, with this provision, that fear “just got deleted.” He added that this is the clearest, strongest legal shield ever given to the open-source developers powering the crypto industry and that it is a huge victory for Ripple and XRP.
The CLARITY Act advanced yesterday as the Senate Banking Committee voted 15 to 9 in bipartisan support for the crypto bill. The bill will now head to the full Senate for consideration and a vote to pass it into law. XRP and the broader crypto market notably rallied yesterday on the back of the development, as market participants continue to price in the possibility of regulatory clarity soon.
Another Key Development For XRP
In another X post, Pumpius revealed that Ripple had just infiltrated the Bank for International Settlements (BIS), marking another major win for XRP in addition to the CLARITY Act. He noted that XRP’s global takeover is here, with a Bank of Japan (BOJ) insider confirming that his close colleague has secured a high-influence position at the BIS.
The crypto pundit declared that this is not an ordinary appointment and that it is being hailed as a massive breakthrough for Ripple’s proven cross-border technology. This is expected to supercharge XRP’s adoption across institutional giants and international payment rails. He added that the BIS move could ignite the next wave of global liquidity, with Ripple already deeply embedded in Japan via SBI Ripple Asia, live XRP pilots crushing SWIFT, and XRPL powering tokenization.
At the time of writing, the XRP price is trading at around $1.48, up over 3% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Adobe Stock, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
