Ripple CEO Brad Garlinghouse commented on the latest CPI data, which show that inflation in the US remains stable. Garlinghouse highlighted the potential impact that crypto policies could have on tender inflation data.
Ripple CEO highlights the impact of cryptocurrencies on CPI data
In Post XRipple’s CEO noted that the latest CPI data indicates a 3.5% reduction in the cost of financial services for consumers. He then raised the possibility that this decline may be partly due to this The Trump administration’s pro-crypto policy. The administration created a regulatory environment for the cryptocurrency industry that could escalate the availability of financial services by reducing their costs.
It is worth noting that the CPI data was in line with expectations, which was positive for Bitcoin and beyond cryptocurrency market. The CPI was 2.7% year-on-year (y/y), in line with expectations. Core CPI was 2.6% y/y, below expectations of 2.7%, which signals that inflation in the country remains stable.
Bitcoin breached $92,000 after the CPI data was released and has since surged to a modern yearly high above $97,000. Major altcoins like Ethereum, XRP linked to RippleSolana and Dogecoin also saw significant gains. Inflation data is bullish for the market because in the long run it could influence the Fed to cut interest rates further if inflation remains stable rather than trending upwards.
Polymarket data show an escalate in the number of interest rate cuts the Fed could make after the release of CPI data. The chance of three rate cuts this year is currently 27%, and of two – 21%. Previously, cryptocurrency investors had only bet on two interest rate cuts this year. Trump is also expected to be the next to name a supporter of interest rate cuts Fed chairwhich would be beneficial in the event of lower interest rates.
Ripple CEO also comments on cryptocurrency legislation
Ripple’s CEO also commented on the situation TRANSPARENCY Act markerjust before it was postponed. He excellent that markup is long overdue, but it represents a huge step forward in providing a workable framework for cryptocurrencies while continuing to protect consumers. Garlinghouse further noted that he and his company know firsthand that transparency defeats chaos and that the success of the bill is the success of cryptocurrencies.
Ripple’s CEO also mentioned that he will continue to pursue an candid debate and remains positive that the issues can be resolved through the markup process. The Senate Banking Committee has since set aside the markup after Coinbase withdrew its support for the bill due to concerns about DeFi and stablecoin regulations. Meanwhile, Garlinghouse has yet to comment on the postponement, and Coinbase’s CEO Brian Armstrong believes that progress on the bill did not stop despite the setbacks.
Featured image from Getty Images, chart from Tradingview.com
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