The post Ripple Whale Moves 50M XRP After FIT21 Bill Passes appeared on BitcoinEthereumNews.com.

With its perhaps revolutionary clauses, the FIT21 bill may have an effect on the Ripple v. SEC lawsuit. Recent whale activity is concerning, even with Ripple’s good news. The Financial Innovation and Technology for the 21st Century (FIT21) Crypto Bill was passed by the US House of Representatives a short while ago, which delighted the cryptocurrency world. For the Ripple community, this was especially noteworthy because an XRP whale promptly released a sizable sum of XRP to centralized exchanges (CEXs). The US house approved FIT21. It’s crazy to think that a “pro-crypto” bill like this would even have made it to the house floor, let alone passing. Congrats to the pro-crypto “army”. You did the impossible. Bring change to Washington 👏 pic.twitter.com/hFtoTWRDoo — Coin Bureau (@coinbureau) May 23, 2024 Framework of the FIT21 Bill  According to the just enacted FIT21 legislation, some digital assets transferred or sold under an investment contract are not always securities. Pro-XRP attorney Bill Morgan stressed the critical role Judge Torres had in making sure this section was included in the bill, which may have significant ramifications for the cryptocurrency sector. Notwithstanding the enthusiasm, the White House is now against the proposed legislation. The features of the law might influence the course of the current legal dispute between Ripple and the SEC. Recent whale action, which has attracted a lot of community interest, feeds this conjecture even further. Moves 50.78 Million Coins As per on-chain data from transaction tracker Whale Alert, a well-known XRP whale disposed of 50.78 million XRP after the bill was signed into law. These were made as multiple discrete transfers to Bitso and Bitstamp on CEX. At first, the whale sent Bitstamp, which is situated in Luxembourg, 29.14 million XRP. The transfer of an additional 21.64 million XRP to Bitso later on…

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Filed under: News - @ May 24, 2024 3:12 am